New store openings, acquisitions, and e-commerce drive will drive Nigeria Retail industry outlook to 2026. Further, strong M&A activity coupled with the expansion of distribution channels will benefit the companies operating in the Nigeria retail markets.
On the other hand, growing consumer awareness, increasing competition, costs involved in the deployment of advanced technologies such as Artificial Intelligence and emerging non-traditional resellers will challenge the market growth.
Retail companies across Nigeria focus on improving economies of scale, boosting operational efficiency and diversifying revenue through e-commerce channels.
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On the global front, the retail market size is estimated to be around $4.8 billion with North America dominating the retail sales, followed by Europe and the Asia Pacific. Further, the Middle East, Africa and Latin America are expanding rapidly.
Expansion into new markets remains the core strategy of global leading companies with average operations per company spanning across 10 countries. Among products, fast-moving consumer goods topped the sales during 2019, followed by hard and leisure goods, apparel and accessories, and others.
Growing Nigeria e-commerce distribution channels are encouraging the foray of new entrants into the market. Recovering economy coupled with increasing buyer purchasing power, high disposable incomes of middle-class families and ease of access are driving the retail industry in Nigeria.
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The Nigeria Retail Market, Size, Share, Outlook and Growth Opportunities 2020-2026 presents a comprehensive analysis of the country’s retail market. Key trends and critical insights into Nigeria Retail markets along with key drivers, restraints, and growth opportunities are presented in the report.
Nigeria household spending, expenditure outlook on essentials and non-essentials are forecast to 2026. Further, Nigeria spending on food, alcoholic drinks, non-alcoholic drinks, tobacco spending, and others are forecast and analyzed in the report.
On the Nigeria clothing and footwear expenditure front, the total spending on Nigeria population on clothing, footwear including repair spending is forecast to 2026.
Besides, key trends, drivers and market outlook of Nigeria household goods, tourism expenditure are also included in the research.
Nigeria Retail market is compared against five of its competitive markets in the region to analyze the role of Nigeria on the regional front and benchmark its operations.
Global Retail, Asia Pacific, Europe, Middle East Africa, North America, and Latin America Retail market outlook is also presented in the report to provide a global perspective of the industry.
Nigeria population and economic outlook are also presented in the report to provide insights and forecasts of macroeconomic factors shaping the future of Nigeria Retail markets.
Further, business and SWOT profiles of three of the leading Retail companies in Nigeria are detailed in the report along with recent developments and their impact on overall market growth.