The Nation Newspaper

Category: Shopping

  • Rosabon, Carmudi launch ‘Lease with Ease’ promo

    Rosabon Financial Services and Carmudi Online Car Classified Site have launched a reward scheme for their customers who are applying for a consumer lease of N1million. It will end on February 29.

    The scheme allows customers who apply for lease to get easy financing options while qualifying for a chance to win prizes, such as the Concept Nova’s C-Protect – a glass protective film, generating sets, home theatres, washing machines and other prizes.

    To qualify for this reward, customers must indicate in getting a consumer lease, fill out a lease application form on rosabon-finance.com/lease, provide necessary documents for approval, such as proof of employment and stable flow of income and make initial contribution.

    For those wishing to buy a car, the customer is expected to provide an invoice from a vendor or log on to Carmudi’s website, carmudi.com.ng, click on the financing option after which Rosabon will take over.

    Rosabon said the promo is open to new customers, adding that customers are free to choose any gift.

    Head, Strategy and Marketing, Rosabon Financial Services, Chidimma Onyeokoro, said: “Consumer lease from Rosabon Financial Services is a flexible lease plan that allows you get that car of your choice (used or brand new) and a range of household appliances while you pay for them over a structured time. Our leases are collateral and stress free, ensuring that you get that asset you need as soon as possible.”

    She added: “As a customer oriented company, we do our best to make sure that acquiring assets such as cars, the basic dream of every Nigerian, is more attainable to our clients.”

    Managing Director, Carmudi Nigeria, Amy Muoneke, said: “Carmudi Nigeria is becoming a one-stop shop for all things automobile. This promo in partnership with Rosabon is to make sure we give Nigerians the opportunity to own their dream cars this year.”

  • Overhaul of ‘death’ sector

    This is a column that seeks to mould, shape societal values  and  protect the interests of consumers, citizens and touch other broader relevant topics under the column: ‘TRUE VALUE 360’. It is an interactive column as suggestions, complaints; day to day experiences are welcome.

    This week’s edition is STARVATION AND THE COMMON MAN.

    Some analysts have propounded various theories about Nigeria being an accident waiting to happen or an accident happened already or that we will break up by a particular date etcetera, etcetera but we thank God we are still standing today and will keep standing by His Grace. One of the reasons given is that Nigeria comprises of unlikely bedfellows occasioned by forced marriage of various tribes. Many issues are begging for attention but today we are looking at the topic: STARVATION AND THE COMMON MAN.

    There is a saying that a hungry man is an angry man. A hungry, angry man will never be reasonable in action and thoughts that is if he can think at all. Nigeria’s business economy to date is driven by government policies and because of the 2015 transition/ change of government process, a lot of business decisions were put on hold which had the ripple effect of making the year very hard on the citizenry. There is cash squeeze in the economy and investors are threading carefully to venture into new grounds; there has been massive disengagement in public and banking sector for various reasons, the private sector and small business enterprises are also not left out of the hopefully temporary financial and economic pains.

    Citizens without steady income have become desperate and have devised various deadly means to survive. Lagos in particular has been witnessing serious impunity in recent times. The masses get handouts or income from the middle class but the middle class are also broke at the moment, reason why the hungry masses are resorting to terrorizing citizens.

    Traffic jam in Lagos has reached an unprecedented scale and you cannot guess or predict the duration of trips to any destination in Lagos anymore.

    It is a common daily occurrence for citizens to be robbed in these traffic jams with individuals losing personal belongings such as handsets, windscreens, handbags etc in recent times. These acts are being perpetuated by petty thieves and idle touts who have no means of feeding; some of them will ordinarily not go this route but out of desperation they become criminals as unemployment rate is one of the major issues we have not been able to deal with.

    It is also common to find young men in their middle to late twenties ogling at women who are old enough to be their mothers and even grandmothers, not out of love interest but so as to get some extra feeding or survival income. These set abound everywhere from concerts, to salons, clubs and even on the streets. Our remaining values are being eroded at the twinkling of an eyelid; let us save our youths as they are our future.

    Yes, we are overwhelmed with various urgent issues, but this menace will only escalate if a temporary solution is not found immediately.

    If we cannot resort to the Bread and Circuses option, and it may be unrealistic to attain 80- 100% employment at the moment; we should endeavor to provide our own version of succor to the unemployed.  Provision of at least a meal per day (without the circus) should be considered for the unemployed in every local government either through the local government authorities or through a special agency that will ensure that the meals get to the right persons, the country can afford it. This will reduce crime rate and petty robbery. This will also create employment for new sets of personnel.

    Of course, I am not making a case for lawlessness or male prostitution here; to me it is an aberration, it is better to provide an immediate survival alternative than to leave the menace to come back to haunt us all. We already have enough on our hands in combating sophisticated crime, let’s not increase the number.

     

    Reactions are welcome.

  • Shoprite celebrates 10 years of world-class shopping in Nigeria

    Shoprite celebrates 10 years of world-class shopping in Nigeria

    Shoprite, which was launched in Nigeria just a little over 10 years ago with the opening of its first store in Lagos on December 2005,  was last year named the number one retailer on the continent by Deloitte’s inaugural African Powers of Retailing report.

    Over the past decade, Shoprite introduced Nigeria to a world-class shopping  through its core business promise of lower prices.

    To celebrate its 10th anniversary, Shoprite Nigeria will be giving away more than 10,000 gift vouchers worth  about N100,000 till April 10.

    The point-of-sale at Shoprites till points will select winners during this period. Consumers will be entered into the competition when shopping at Shoprite, with vouchers to the value of N1,000, N10,000 or N100,000 up for grabs.

    There is no minimum spend in order to qualify. To claim their prize, consumers need to take their winning till slip to the Shoprite store manager, who will issue them with the gift vouchers.

    Nigeria is the largest economy in Africa, with 16 Shoprite supermarkets across eight states in the federation of the supermarket chain’s 2,300 employees, 99.5 per cent are Nigerians.

    Shoprite’s commitment to supporting local enterprise means it has developed relationships with over 300 leading Nigerian suppliers and small businesses. As a result, 76 per cent of all products sold are procured locally.

  • Consumers groan under rising food prices

    Consumers groan under rising food prices

    Prices of most staple food items have increased by as much as 60 per cent. The situation, triggered by prevailing economic realities, particularly crashing oil prices and weakening value of the naira, has left sour taste in the mouth of consumers. TONIA ‘DIYAN and TAIWO ADEYANJU report.

    Since mid-June 2014, when prices of crude oil started crashing, forcing the authorities to adopt measures to stabilise the naira, among others, prices of major staple food items in the market have hit the roof.

    Although checks by The Nation Shopping showed that prices of food items returned to normalcy shortly after the last festivity period, the continued drop in the exchange rate of the naira to other major foreign currencies especially the dollar, has seen prices of most food items rising by as much as 60 per cent.

    For instance, a bag of rice, which previously sold for between N8, 000 and N8, 500, now goes for as high as between N12, 500 and N13, 000, representing an increase of over five per cent. Also, a small bag of beans, which before now sold for between N11, 000 and N11, 500, has gone up to N12, 500. A big bag of beans, which was N19, 000 is now sold for N21, 000. Similarly, a big bag of garri costs N7, 500, while a small size bag costs N5, 000. groundnut oil, which sold for N9, 300, now costs N9, 500. From N1, 000, a five-litre pack of palm oil increased to N1, 400.

    Similarly, 10 bags of sachet water, popularly called Pure Water  goes for N1,000, up from the original price of N600. Same for a crate of eggs, which has gone up from N750 to N900. A 10- kilogramme of Honneywell wheat cost N1, 600, up from N1, 400.

     The Nation Shopping found that other food items have had their prices increase by about N500, depending on the market and the bargaining power of the consumer. The situation, according to some traders, who spoke with The Nation, is not likely to change unless there is significant improvement in the naira-dollar exchange rates.

    At present, the naira exchanges at between N260 and N250 to a dollar. Some traders say until there is a level of normalcy in the exchange rate, consumers would have to live with the price hike. Besides, they pointed out that there is need to finish selling items stocked during the dollar increment period before any relief can come to consumers. This means that Nigerians may have to tighten their belt, as the situation is not likely to abate any time soon. Although, there has been a slight increase in crude oil prices, the thinking is that the increase is not significant enough to inspire hope in consumers.

    The economic crisis is said to have pushed up the cost of production, forcing those producing and selling locally made items to increase prices. Some of them say because cost of raw materials used in production has gone up, and the raw materials are mostly imported, there is no way consumers would not be at the receiving end. For instance, producers of sachet water claim that the nylon used in packing the water is scarce and expensive, forcing them to queue up to purchase. This is why even drinking water is gradually getting out of the reach of the common man.

    The nation’s huge infrastructure gap is also not helping matters. Because of bad roads, for instance, cost of transporting these food items from farms in rural areas or their places of purchase to markets in urban centres where they are needed, has gone up. This explains why prices of some staple food items which ordinarily should be on the table of low income earners, have gone out of their reach. Some traders appear to have cashed in on the challenge of infrastructure especially road and electricity to sell at exorbitant prices.  Some of them argue that as long as the problem persists produce will remain high and out of stock.

    As a result  of hike in prices  of food items, owners and operators of restaurants and canteens have also jacked up their prices much to the agony of their customers. Some of them who spoke with The Nation Shopping, said they were left with no other choice than to increase the price of their meals since they purchase foodstuff at high prices. A food vendor at Ladipo in Mushin, Lagos, Iya Rukayat, said foodstuffs have become very expensive, attributing the hike to the unending fluctuation in the value of the naira.

    “Some food stuff merchants whom I patronise say they sell to make profit so, they will have to include all cost to the original price. I am left with no choice but to buy and also sell at exorbitant price to my customers,” she said.

    Iya Rukayat has reason to do so. Checks by The Nation Shopping on major markets within the Lagos metropolis showed that the price of a ‘paint’ of garri, which is regarded as a common staple food among low income earners, has increased. From its original price of N400, a ‘paint’ of garri sells for N500, depending on the brand. A full bag of yellow garri is sold for N7, 000. It was less than that few months back.

    As if the about 60 per cent increase in prices of food items is not enough to give consumers sleepless nights, food producers are projecting a more than 70 per cent increase by the middle of this year if the naira does not firm up significantly. The naira, having lost at least 30 per cent of its value against the dollar recently, is said to be largely responsible for driving up prices of most food items.

  • Battle for consumers’ pocket

    Battle for consumers’ pocket

    The competition in the retail market has become intense, with price discrimination being used to attract patronage. This trend may continue for a long time given the harsh economic climate. And with retailers struggling to make good sales, and consumers determined to ensure they get value for their money, the real competition may just have begun. Who will be the bigger beneficiary? TONIA ‘DIYAN asks.

    Rapheal Chukwuma, a young Nigerian in his mid-20s,  likes to look trendy. His reason for this can be traced to his young uncle whom he grew up with. “The way you dress is the way you are addressed,” is a regular phrase his uncle used for him. But looking trendy comes at a price.

    This is why Chukwuma, a young and unemployed graduate, takes his time to window shop for best prices  before making purchases from the stipends he gets as allowance from his uncle as well as occasional tips from running errands for older people in his neighbourhood. He, therefore, structures his shopping around clearance sales or promotional sales periods when goods, which ordinarily he couldn’t have been able to afford, are sold at discounted prices.

    “I notice a 40 to 50 per cent reduction on items at Mr. P,” said Chukwuma, who explained that he  noticed price reduction on items at Ruff ‘n’ Tumble, Cash ‘n’ Carry and Life mate in recent weeks.

    Realising that price is the number one factor consumers consider when shopping, retailers are now evolving more strategies to outwit themselves. One of such is the introduction of several rounds of price cuts, especially on competing items. This development has made the retail market literarily become a theatre of price war, as the contest for shoppers’ pocket intensifies among retailers.

    The retailers, determined to remain competitive and avoid losing sales, are offering mouth-watering and irresistible discounts to existing and prospective customers. This is why some retailers have already taken their prices to an all time low, leaving competitors in the cold as they brace up with the need to adjust their price tags in favour of price conscious shoppers.

    Checks by The Nation Shopping revealed that the competition cuts across virtually all sectors in the retail segment. For instance, contenders in the clothing sector seek to win back budget-minded customers who have migrated to discounting shops such as Mr. Price and Mango, who recently started lowering the prices of selected items and giving out 50 per cent discounts on its items purchased.

    Max store is also launching what is called a ‘significant’ reduction in prices of all items. It said the decision to slash prices is to satisfy their old customers and make new ones. Similarly, Red Tag offers discounts on several of its products. For instance, a plain designer Polo shirt with small logo which sold for N8000 in the store now sells for N4, 000. A striped collar polo shirt used to be N4, 995; it is now N3, 245. A single breasted suit was N24, 495; it now sells for N14, 995.

    Accessories 2 die 4, situated in most of the Lagos malls, is offering 10 per cent discounts on all gifts items at the store. Grocery chains are doing much the same. Shoprite is giving a face-lift to its price structure and customer reward programme to grab back market share from competitors, such as Super Saver, Justrite, The Bazaar and Grocery Bazaar, who are its major contenders in grocery business. It has also lowered the prices of perishables and products that are among the most purchased items in its shelf.

    In the Home and Furniture section, there is a renewed effort that seeks to win back budget-minded customers who have migrated to outfits known to give good discounts like Lifemate and Bedmate, who recently lowered the prices of over 7, 000 items on its kitty and still discounting it. Also, Sixth Sense, another furniture outfit, has launched what it called a ‘significant’ reduction in prices of often-purchased items, saying the decision is to satisfy customers and possibly entice new ones.

    The General Manager, West Africa, Mr Price, David Botha, said his store has stepped up its game to satisfy customers at this time of the year leading to its slashing of prices with generous discounts. Adducing reasons for this development, Botha explained that the strategy will help the store sell all old stocks to allow new ones come in. “We also want our customers and prospective customers to experience sales of cheap but quality items, which we always make available. We encourage shoppers to buy from our store today instead of our competitor’s website or store tomorrow,” he said.

    Explaining the rationale behind this development, the former Centre Manager of Leisure Mall, Surulere, Lagos, Mrs Debola Majekodunmi, revealed that retailers have been lowering prices because they are aware that the consumer is price-conscious.

    Another Centre Manager of one of the Lagos malls, Sander Norman, explained that retailers decided to lower prices because they were aware that the consumer is also price-conscious and because it is one of their many strategies to improve sales at strategic times. “Price reduction has to do with timing, planning and sacrifice; being ready to give out at cost price or below cost price most times,” he said.

    Sander cited Shoprite, saying that the store is priced about three per cent below the other grocery retail, and that is one reason it has gained a fraction of a point in market share since it entered the country in 2005 at the Palm in Lekki, Lagos, where it tops the grocery market.

    Investigations by The Nation Shopping show that retailers who refused to be part of this strategy are likely to experience a drop in demand and low sales. This is so because price conscious shoppers are already moving to discounters or are purchasing less-expensive items from such stores as substitute for items they are used to buying or would like to patronise.

    Some retailers have already taken their prices to an all time low, leaving competitors in the cold as they brace up with the need to adjust their price tags in favour of price conscious shoppers. A retail analyst, Modupe Shopeju, attested to the fact that price is the number one factor consumers consider when they pick where to shop. According to her, it is the reason why more people are found in shopping places during promotional periods. “People actually look forward to times like this to make the best of it. Some save towards sales period, some follow the trend and are able to know when sales are on, some do constant check on items in-store to find out if these items are discounted aside finding out what is trendy or new in the market,” she explained.

    And shoppers are happier for this trend. “It is encouraging,” said Adewale Odunayo, a shopper, who bought dress shirts from Mango store. He thinks it is best to wait for a time like this to shop. “I am enjoying every bit of shopping at this season. For instance, a David Wej shirt sells for N6, 500 but its price has dropped to N5, 955, thereby saving N505. The ongoing price slash made me buy more shirts than I planned to buy, he added.

    Even online stores woo customers daily with price changes to teach their ‘brick-and-mortar’ (traditional retail shops) competitors the need to use price intelligence solutions if they want to compete. Savvy retailers also monitor their online competitors’ prices daily to remain competitive and avoid losing sales.

    Yet, there are fears around this trend. Maku Oladele, who sells baby items at Alade Market in Ikeja, Lagos, confirmed this. He explained that the price war has become a permanent feature in the retail segment such that there has been one price war after another without making profit. For this reason, she submits that the trend may be very difficult to sustain.

    And some of these price wars are deliberately induced. Oladele revealed that big retailers seem  prepared for price battles as conventional festivals, such as Christmas and Valentine’s Day are no longer enough to keep up with the demand for discounts, so they create event out of nothing, just to initiate new price wars. This, she warns, may soon become a battle for survival for small retailers, most of who aren’t making much profit.

    Behavioural economists say promotions have a huge effect on the consumer. And that more than 40 per cent of groceries are bought on special offer, so regardless of what’s on a shopping list, the consumer ends up buying items on special offers. That means what the customer buys is always cheaper, or at least, not much more expensive than it would have been elsewhere.

    According to players in the industry, promotions appear more about point scoring against competitors than engaging with customers and their needs.

    Whether the trend gives good returns to the retailer is obviously not a concern for the shoppers, who is only interested in retailers offering the best quality at the lowest prices.

  • ‘Exchange rate affecting traders’

    The reality of the exchange rate has gradually dawned on the country’s shopping landscape.

    Traders at the popular Yaba and Oyingbo markets in Lagos are decrying  their low sales. They attribute the development to the high exchange rate of the American dollar to the naira, saying it is affecting their business. As at Wednesday, the US$1 sold for N345 in the parallel market.

    The fluctuating dollar price, traders said, is affecting the number of customers visiting the markets, adding that those who manage to visit do not buy anything. They complained that the items are more expensive these days. The effect of this is that traders “fight”over customers to sell their wares. Besides, they devise various strategy to woo customers.

    With poor sales, restocking has become a challenge for the traders, who lament that they had not been able to gather enough money from daily sales the way they use to.

    A trader, Mr. Badru Badamusi, said he should have travelled to Dubai to restock his shop like he does at the beginning of the year but he has been hindered by the increase in dollar rate.

    Similarly, a bicycle dealer who simply identified himself as Mr. Chinedu, regretted that the  situation has made him reduce the usual stock he takes.

    The Market leader of Yaba Market, Alhaja Oluwayomi Owolabi, said she would rather save her money in the bank till the exchange rate was lowered.

    The story is not different at the Oyingbo market where Oladapo Sunday, a trader told The Nation Shopping that his products have fixed prices and because they have also increased in price, consumers rather opt for cheaper products in its category.

     

  • Rosabon, Carmudi launch ‘Lease with Ease’ promo

    Rosabon Financial Services and Carmudi Online Car Classified Site have launched a reward scheme for their customers who are applying for a consumer lease of N1million. It will end on  February 29.

    The scheme allows customers who apply for lease to get easy financing options while qualifying for a chance to win prizes, such as the Concept Nova’s C-Protect – a glass protective film, generating sets, home theatres, washing machines and other prizes.

    To qualify for this reward, customers must indicate in getting a consumer lease, fill out a lease application form on rosabon-finance.com/lease, provide necessary documents for approval, such as proof of employment and stable flow of income and make initial contribution.

    For those wishing to buy a car, the customer is expected to provide an invoice from a vendor or log on to Carmudi’s website, carmudi.com.ng, click on the financing option after which Rosabon will take over.

    Rosabon said the promo is open to new customers, adding that customers are free to choose any gift.

    Head, Strategy and Marketing, Rosabon Financial Services, Chidimma Onyeokoro, said: “Consumer lease from Rosabon Financial Services is a flexible lease plan that allows you get that car of your choice (used or brand new) and a range of household appliances while you pay for them over a structured time. Our leases are collateral and stress free, ensuring that you get that asset you need as soon as possible.”

    She added: “As a customer oriented company, we do our best to make sure that acquiring assets such as cars, the basic dream of every Nigerian, is more attainable to our clients.”

    Managing Director, Carmudi Nigeria, Amy Muoneke, said: “Carmudi Nigeria is becoming a one-stop shop for all things automobile. This promo in partnership with Rosabon is to make sure we give Nigerians the opportunity to own their dream cars this year.”

  • Valentine: Much ado about business of love

    Valentine: Much ado about business of love

    Despite the economic crunch, Nigerians, young and old, still find a way of exchanging gifts at Valentine. This act is seen as being in tandem with the spirit of Valentine, which is believed to be about sharing, even at difficult time, as being experienced by Nigerians. TONIA ’DIYAN reports that for some, this celebration, which has become more of business than  sharing, is being threatened by low sales.

    VL (10)Ayomide Alonge, a teenager, recently went into a relationship. He is excited as he prepares to celebrate Valentine for the first time. It was therefore, fun for him as he went on a shopping spree to get gifts that would give pleasant memories of the celebration. But Alonge knows nothing about the genesis of Valentine’s Day.

    Indeed, the celebration of love on February 14, otherwise known as Valentine’s Day, has become a permanent feature in the calendar of yearly celebrations; but perhaps not important enough to be declared as a public holiday. But for the majority of Nigerians, especially the youth, whether the day is declared a holiday or not, February 14 has come to stay, etched in their memory as a special day to celebrate love. It is a day to exchange gifts and reassure loved ones of the undying love that exists between two persons.

    Interestingly, like Alonge, the story of Valentine’s Day celebration remains largely unknown to the majority of the celebrants of this day. Checks online reveal that the story of Valentine’s Day began in the third century with an oppressive Roman emperor named Claudius II and a humble Christian Martyr named Valentinus.

    According to the account, Claudius had ordered all Romans to worship 12 gods, and had made it a crime punishable by death to associate with Christians.   But Valentinus was dedicated to the ideals of Christ; not even the threat of death could keep him from practising his beliefs.   He was arrested and imprisoned. During the last weeks of Valentinus’s life a remarkable thing happened. Seeing that he was a man of learning, the jailer asked whether his daughter, Julia, might be brought to Valentinus for lessons. She had been blind since birth.   Julia was a pretty young girl with a quick mind.   Valentinus read stories of Rome’s history to her.   He described the world of nature to her.   He taught her arithmetic and told her about God.  She saw the world through his eyes, trusted his wisdom and found comfort in his quiet strength. The following conversation was said to have taken place between the two:

    “Valentinus, does God really hear our prayers?” Julia asked one day.

    “Yes, my child, He hears each one.”

    “Do you know what I pray for every morning and every night?  I pray that I might see.   I want so much to see everything you’ve told me about!”

    “God does what is best for us if we will only believe in Him,” Valentinus said.

    “Oh, Valentinus, I do believe! I do!”  She knelt and grasped his hand.

    They sat quietly together, praying.   Suddenly there was a brilliant light in the prison cell.   Radiant, Julia screamed, “Valentinus, I can see!  I can see!”

    “Praise be to God!”  Valentinus exclaimed, and he knelt in prayer.

    On the eve of his death Valentinus wrote a last note to Julia, urging her to stay close to God.   He signed it, “From your Valentine.”  His sentence was carried out the next day, February 14, 270 A.D., near a gate that was later named Porta Valentini in his memory.   He was buried at what is now the Church of Praxedes in Rome. It is said that Julia planted a pink-blossomed almond tree near his grave.   Today, the almond tree remains a symbol of abiding love and friendship.

    The foregoing tells the origin of exchanging messages of affection, love and devotion on this day. And for Nigerians, this has now become an opportunity to make brisk money from the one-day celebration.

    Indeed, many shopping places have resolved to commercialise Valentine and make it big business like other celebrations. For instance, across the metropolis, open markets, shopping malls, stand-alone/high-street and online stores have been stocking variety of items for easy reach and affordability.

    Optimistic that businesses will reap the benefits of the giveaway retailers are offering. This is why Modupe Shopeju, Delightsome Gifts’ head, is of the view that for retailers, Valentine’s Day is less about love and more about the business of love. Shopeju explained that the celebration ranks highly among the top three holidays in terms of yearly sales, which is why retailers are putting in their best to make it worthwhile.

    Yet, for many, Valentine means different things. Celestine Nwanchukwu, a greeting card retailer on Broad Street, Lagos Island,  says Valentine’s Day means an opportunity to get busy and experience a boom in sales again, following the post-Christmas pause. According to him, at this period, he records good sales second only to what he sells at Christmas.

    At this period, retailers are eager to help shoppers find something special for their loved ones and they look forward to seeing people come out in the spirit of love. For them, each Valentine’s Day brings a little uptick in sales.

    But retail outlets in the country, particularly in Lagos, have succeeded in commercialising the love celebration and turning it into big business. Shortly after Christmas, stores begin to stock pile items for Valentine items early, as a strategy for making bountiful sales when opportunities like this arise, offering incentives, such as affordability advantage and convenience of shopping as baits.

    But to make more sales, especially with the hard times, retailers in the open market started stocking items earlier than the shopping malls and high street stores. This, they contend, is one of their strategies for making good sales this year. “We are only taking the bull by the horns, catching our competitors unaware. Ordinarily, no one would have thought we would stock Valentine items earlier than the stores and malls. They look down on us most of the time, but we are stepping up our game, re-enforcing and re- packaging. It is simply one of our strategies,” a Lagos trader told The Nation Shopping.

    But poor sales might affect the retail industry as it absorbs a hit by downturn. Like the economy itself, Valentine is feeling some heartache this year with just two days to the celebration. According to a recent survey, about 50 per cent of people plan to spend less on their valentine this year.

    Now, worried by low patronage gift shops across the Lagos metropolis expect higher sales of less-expensive items. Retailers say they will be realistic about Valentine’s Day this year as people are still very cautious with their spending will would opt for less-expensive gifts or spend dinner at home with their spouses to save some money. Therefore, items like earrings and cheap jewellery would suffice instead of diamonds; greeting cards instead of an expensive perfume. They claim they have grown more accustomed to smaller purchases because of the country’s present economy.

    A survey by The Nation Shopping shows that unlike in past years, many people are reluctant to spend extravagantly at this Valentine’s Day. This they blame on the poor state of the economy which has badly affected several businesses. For instance, the floral business has been so affected such that people no longer fancy giving flowers or roses to their loved ones at Valentine

    For some industries, it is good news in the circumstance. Checks reveal that love birds appear to be willing to indulge in sweets, cakes and confectionaries as it is relatively cheaper and because confectioneries don’t have to strain bank accounts. Founder of Cake ‘n’ Candy Confectionery, Caroline Applin, said her items can be purchased with a token, unlike visiting the restaurant where prices can be throat cutting. At Give ‘n’ Take Megastore on Victoria Island, lingerie and sex toys seem to be hot items this Valentine with people looking for ways to have fun and staying at home. Retailers of the items know they’re going to get a return on the investment.

    To cut their losses, retailers, particularly those who sell gifts items, have resolved to order 25 percent less stock for this year’s Valentine’s Day- a reflection of the country’s harsh economic situation. However, greeting cards retailers expect their product sales to increase this Valentine, as cash-strapped consumers forgo gifts or expensive items.

    But with Valentine celebration falling on a Sunday, people may be encouraged to eat out, a choice that will be good money for restaurants, whose doors may remain open to couples to spend the day far into the night, rather than buying gifts.

    But one thing is certain. No matter how bad the economy is, Valentine’s Day has a way of tugging at wallets as well as hearts. So, go out and enjoy your shopping for Valentine’s Day.

     

     

  • Online stores give Val for less

    Love is in the air again and to track down the best Valentine gifts online, stores like Jumia, Konga and others that are in the habit of giving out discounted items have stocked their stores with interesting valentine gifts for both sexes.

    On the Konga home page, where shoppers are advised to explore the Valentine home store and take Val to their homes in a segment tagged Take Val To Your Home, there are categories for different items, such as the living room category, kitchen, decors and essentials. The store advises people, particularly men, to make their homes and offices a makeover this Valentine season.

    Jumia is willing to take gifts to loved ones on your behalf, as it encourages love birds to place orders. On its home page, there are more gifts for women than men among which are: makeup, lingerie, perfumes, wristwatches, clothing and more. Also, grocery items, such as wines, chocolates and juice are available to make Valentine night one that cannot be forgotten in a very long time.

    Kaymu has put together a wide variety of gift ranging from fragrance to personal care product and more. The store promises to cater to everyone’s needs and taste, giving discounts on selected items.

  • Tormek rewards customers with N15m

    Connecting with customers goes beyond the sales- point care many brands and organisations offer. That is why Tormek Services Limited; Nigeria’s sole distributor of Plaster of Paris (POP) at the weekend rewarded loyal customers, off loaders of the products and staff of the organisation to appreciate them.

    The event, which took place at Golden Tulip hotel in Ikeja, saw winners emerging with cash prizes of N2.5million for the Platinum plaque, 1M, for the diamond customer, N250, 000 for the silver customer, N500, 000 for gold customer and for the longest serving staff of the organisation, Star customers went home with N200, 000 each while off loaders went with N100, 000 each.

    Ifeanyi Udogwu, chairman POP Dealers Association of Nigeria and staff of Tormek Services Limited, said the aim of the consumer reward programme is to inform Nigerians that Plaster of Paris (POP) is number one and that his company remains committed to giving customers the best in terms of quality and good pricing. “Today, we are recognising our customers that have over the years, participated in buying our product for their work. We have been able to recognise about 46 people with N25million”.

    Noting  that his association has been able to sensitise Nigerians on the benefits of the product, Udogwu said more Nigerians are now aware of the use of POP and its characteristics. “Some people buy PVC ceiling without having any knowledge of it but the best product for the house is either POP or plaster board. As a business oriented organisation, we  talk to people that come to us and as part of our social responsibility, we also advertise and then inform the people of the importance of using POP but the purchasing power still lies with the consumer who decides what to buy.”

    To fight courterfeit , Udogwu said: “We have rebranded and sensitised people on necessary information to purchase original POP, people can check our website for clarification.”       Speaking on challenges faced importing the product into the country and that of not being able to produce locally, he said; “It’s highly challenging and we are hoping that in the nearest future that government will be able to solve this problem to enable the business run normally in order to avoid the usage of inferior products and reduce risk of loss of life and property.

    The power problem in Nigeria is not encouraging at all and it’s not possible to produce Gibson in a location where there is no power. The production of Gibson requires a lot of processes. There are countries that produce Gibson, example of such country is Turkey, they get special rate from government for producing Gibson.

    Elated Alhaji Adebayo Anifowose, one of the rewarded consumers spoke in excitement: “I am very happy and fulfilled doing business with Tormek. They are trusted, they don’t disappoint, they deliver when they should and most importantly, they know how to treat their customers well. I am happy to be a part of this”” he said

    The company is hoping for a brighter year filled with opportunities and businesses, not minding the present economic condition of the country. It looks forward to a year meant for only the people that have good brands.