Despite the economic headwinds of the last 12 months, leading omnichannel retailer, FoodCo Nigeria Limited, has doubled its branch network in two years making it the fastest growing company in the category, The Nation has learnt.
Making this disclosure recently was the Ade Sun-Basorun, the Managing Director, FoodCo Nigeria Limited.
He gave this insight during the unveiling of the company’s latest store in Ajah Lagos, Nigeria’s commercial hub. The new store is the 13th brand outlet in the south-western region where FoodCo currently operates.
The launch of the Ajah outlet follows the unveiling two weeks ago of FoodCo’s Ologuneru Plaza in Ibadan, Oyo State which offers full range of Foodco services and promises to bring low prices and high quality products and delicious cooked meals at low prices.
Justifying the need for the Lagos Outlet, Sun-Basorun, said that it houses general merchandise, grocery, a Quick Service Restaurant and entertainment centre and is positioned to bring the joy of high quality retail to a growing suburb in Lagos.
He said: “Rolling out two stores in two weeks is simply a continuum in what has been a consistent and successful expansion that has seen the FoodCo double its footprint in two years. The business has equally been committed to bringing affordable great products to customers both offline and online, leading to its investment in creating Nigeria’s first true online supermarket which affords residents of Ibadan and Lagos to get access to its full assortment of modern retail from the comfort of their homes within a matter of hours.”
While commenting on the motivation for investment in the face of the challenging economic cycle and questions of sustainability of modern retail in Nigeria, Sun-Basorun said, “As a brand, we are deeply committed to helping our customers save money and there is no time they need to do that more than during the challenging economic cycle. And having been around for 38 years, the FoodCo brand is wrapped around a rich legacy of outstanding customer service driven by innovation.”
Pressed further, he added that the choice of Ajah is in line with the brand’s strategic approach to deepen retail penetration particularly among emerging communities who prefer the convenience and comfort that modern retail offers.
“We are optimistic that investments such as these will translate to a win-win outcome for all stakeholders within the ecosystem as well as re-inforce confidence in the Nigerian market amid the current global economic challenge and unique circumstance of the local environment,” he added.
Founded 38 years ago in Ibadan, Oyo State, FoodCo is the oldest among the ten top retailers in Nigeria and operates the largest supermarket chain brand in the south-west, outside Lagos.
Noted for innovation and service excellence, the company has grown into a diversified consumer goods company with interests in retail, quick service restaurants, manufacturing and entertainment. It is also one of only two omnichannel retailers in Nigeria.