RETAIL SALES PER SQUARE METRE IN NIGERIA: 2021 MARKET OUTLOOK
The traditional brick and mortar store is gradually staging a massive comeback as retailers leveraging on digital retail channels together with the multisensory retail environment to create an exceptional in-person shopping experience and helping retailers to grow out their footprints in tier II and tier III cities.
Among other things, in-person shopping activities, logistics and warehouse space requirements, and retailers' expanding footprints are to blame for the increase in retail investment and occupiers activities in 2021 https://lnkd.in/dRZgGvQW; with expectations to see more gains in 2022 if these factors continue to rise.
According to experts, improvements in retail sales per square of retailers (pharmacy, fashion, gadgets, etc.) occupying 70sqm - 90sqm of retail space amongst others contributed to the upward growth in brick-and-mortar investment and occupier market https://lnkd.in/dttdUU7F; with sales per square metre setting a straight record of $1,870 (N785,400) to $4,065+ (N1,707,300+) per sqm of retail space across prime locations (malls and non-malls).
With recent successes, retailers are now concentrating on the most critical methods for driving sales and inclusive growth, increasing profitability, promoting exceptional retail experiences, and leveraging on real estate ownership for long-term growth.
To access more insights, please connect with us at aabraham@akaa-ng.com and www.akaa-ng.com
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