Monday, 4 July 2016

Broll Converges Industry Experts To discuss Growth Prospects for the Retail Sector

Broll Property Services Nigeria, the country’s leading Property Services Company hosted retail industry experts to a roundtable forum to discuss the growth prospects in the retail industry at Wheatbaker Hotel, Lagos recently.

The event tagged “Retail Industry: 10 Years from Now”, had in attendance executives from Broll Nigeria, real estate financers, developers and retail investors.

L-R: Adeniyi Adeleye; Head Retail Estate Finance, West Africa Stanbic IBTC, Michael Chu'di Ejekam; Retail Investor, Eddie Mcdonald, CEO Resilient Africa and Bolaji Edu; CEO Broll Nigeria during Broll's retail round table in Lagos
BolajiEdu, CEO Broll Nigeria while giving the opening address conveyed that despite a challenging environment, Nigeria still holds promise for investors who are willing to take a long-term approach on investments. He stated that. “The outlook for the retail sector is largely dependent on economic reforms as well as the lifting of foreign exchange restrictions”.

Gavin Cox, Retail Portfolio, Executive Broll Property Services Ltd, Nigeria, noted that with the emerging economic status; favorable demographics- large, young, growing, urbanizing population; opportunities for investment and growth exists in the African retail environment.

One of the panellists, Funke Okubadejo Director Actis, stated that the structure of the economy needs to be diversified. Government relies heavily on oil revenue and have not tapped into other productive sectors of the economy such as retail. The retail sector presents a viable opportunity for youth employment and it behoves on retailers to bring this information to key decision makers in government.

Adeniyi Adeleye; Head, Real Estate Finance, West Africa, Stanbic IBTCthe facilitator of the forum managed the panellist discussion which included various speakers such as Michael Chu’di Ejekam; Retail Investor, OpeyemiAjayi; Executive Vice President, Genesis Deluxe Cinemas, ToluSokenu; Investment principal Actis, Eddie Mcdonald, Chief Executive Officer Resilient Africa, Kofi Abunu, Chief Development Officer, Food Concepts Ltd-Chicken Republic, Obi Nwogogu; Principal, Africa Capital Alliance, amongst others.

Panel discussions centred on Retail in Nigeria, the opportunity for retail development, the next generation of retail malls and sustainability in secondary markets.Some of the discussions generated pointed out that the future of the retail industry lies in the development of the formal retail market outside prime locations in core cities. Eddie Mcdonald, Chief Executive Officer Resilient Africa opined that there is a future in the secondary market which can be achieved with focus on smaller malls and local retailers.

The one-day event focused on the emerging trends in the intersection of the dynamic interplay of developers, retailers and financers in running their operations in a symbiotic model that results in a win-win situation for every party.

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