Beyond being a business complex, shopping malls are gradually becoming an arena for social networking, especially among the upwardly mobile and fun seeking youths. TONIA ‘DIYAN writes.
The potentials and opportunities in the Nigerian business space have continued to attract investments from all climes. With this has come modernization of the business arena, as businesses are now gradually being conducted in very conducive atmosphere. One venue that has attracted Nigerians, especially the youth, is the numerous shopping malls that now litter the country’s market place. From the Palms Shopping Mall, in Lagos, to Kwara Mall, Illorin, Nigerians have continued to throng these edifices. However, it has become clear that not every visitor to these malls are shoppers. A recent survey by The Nation has revealed that the malls have become a convenient meeting point for a growing number of Nigerians, who have made the shopping malls a place to tidy up their business dealings.
Thomas, a middle aged Nigerian, though has lived abroad for over a decade, he recalled with nostalgic feelings, the state of the few existent malls in the country in his formative years.
“When shopping malls newly came into existence in this country, they could be likened to stand alone and high street stores,” he said. Going by his recap of the years back, Thomas’ memory obviously didn’t fail him. That was the era when malls or stores like Leventis, UTC and Kingsway, held the Nigerian market in awe wonder.
Though back then a shopping mall in the real sense of it may never have been established, a pseudo mall existed in select areas of Lagos, with the few modern stores positioned side-by-side to form a fairly long chain of stores. The stores were mainly outlets for selling groceries and other household items, with buyers doing their purchases and walking away. But now, the situation has changed.
Today’s shopping malls are built with provision for socialising or bringing people together to benefit from themselves and the stores. Besides, the ultra modern shopping facilities are built with unique and distinctive features fitted with innovative benefits to shoppers, especially the youth. The presence of top international brands, who take up spaces at such malls, has also contributed to the modernization of the mall concept.
These, and more, has made Thomas come to terms with the fact that malls are not only for shopping, but that it extends to being a place of fun. By extension, this has made it possible for youths, especially, to have a meeting point, as it now provides them an avenue for social networking where this category of Nigerians share transforming experiences among themselves, meet with their pairs for interactions and also exchange business ideas in a relaxed environment.
Apart from the new vista opened up by the malls, such complex can now pass for a tourist attraction centre, boosting the country’s revenue generation, especially on the side of value added tax (VAT).
For instance, on a visit to a popular Lagos mall, Bola Ogunlusi, an Ibadan based entrepreneur, was able to establish a contact that eventually opened her business up to bigger market opportunities. Recalling how it all started, Ogunlusi said after her shopping spree at the mall, she opted to have a drink in one of the relaxation spots within the complex. And there, from a casual interaction with another visitor, she got a break into a niche market for her batik attire. “Since that my encounter at the mall, it has been good business for me all the way,” she told this reporter.
Attraction
According to a centre manger in a Lagos mall, Feyi Shoyinka, the attraction to shopping in the mall is the low pricing regime embraced by retail outlets in the mall. “Pricing is the main attraction here and I think the mall’s retailers or tenants have keyed into this,” he said, adding that retailers, especially the foreign ones, know the market and the right competitive price- a factor that has ensured their continued survival in the market place.
He revealed that shopping malls, owing to the volume of business transactions that go on there, has advantage over stand alone and high street stores; hence, the improved revenue enjoyed by the space owners in the malls. “People do not only come to do one thing, but they come to do a variety of things at shopping malls. They come on shopping trips and stay all day with their families having meals, seeing movies, window shopping, doing cloth shopping or using the mall’s Wi-Fi to do online shopping,” he explained.
Haven said all these, findings has it that, the primary motive of these malls is to make huge profit amid all that they have to offer. Their management therefore with the consciousness that the consumer’s main spend driver is price, encourage tenant to be use to constant price slash and promotional package which is capable of keeping old customers and attracting new ones.
From observations, tenants at these malls are doing pretty well; they store merchandise of varieties and mix of customers wants. If a retailer stores insufficient merchandise, he/she won’t meet up to the mall standard. The Nation Shopping learnt that demographic researches are carried out before malls are opened.
Improving Customer experience
Retail shopping is about convenience, comfort, security and providing a one top experience for shoppers. Malls offer unique experiences in the sense that they are more like community centers with a large variety of business merchandise. From time to time, the mall looks at what it can improve on, what it should change and add. For instance, at some point, the management of the malls conducted a survey to sample the expectations of its customers. The survey covered areas like the type of goods expected to be seen in the malls, and their choice of products. Everything is chosen according to the merchandise requirement of the market place.
Besides, the introduction of the cashless policy regime led the mall managers to install ATMs, just as the mall also keyed into technology by providing point of sale (PoS) machines to encourage the policy. However, mall operators say five years from this time, they hope to see the regular London shopper staying and doing all their shopping in Nigeria. They promise to encourage such people to stay here and buy all that they need. Knowing that once the people know they can get the same quality stuffs here, Nigerians would stop going overseas to shop. Operators say they see the growing middle class holding a royalty towards shopping malls where they could come for their shopping most of the time and get whatever they want.
According to operators, the malls have grown about 70 percent since their existence, which is a good indication. People stay longer in the mall. More people visit the mall on a daily basis, a lot more cars come in too. Retailers are doing better depending on how much marketing and advertising they can do for themselves.
With the big population in Nigeria, there are lots of retail businesses that can still be boosted in terms of shopping malls. Because there are lots of people out there earning stable incomes and they want to go shopping.
