With the challenging economic climate, omnichannel retailer, FoodCo Nigeria Limited, has doubled its branch network in two years making it the fastest growing company in the category.
This was disclosed at the unveil of the company’s latest store in Ajah, which raised its network to 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.
Speaking on the Lagos outlet, Ade Sun-Basorun, Managing Director, FoodCo Nigeria Limited said it houses general merchandise, grocery, a Quick Service Resturant 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 foot print in two years.
The business has equally been commited 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 withing a matter of hours.”
Asked about why investment continued 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 commited 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 outstading customer service driven by innovation.
He said 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 10 top retailers in Nigeria and operates the largest supermarket chain brand in the south-west, outside Lagos.