Key Insights as of Jun 2025
Market Demographics
Population size
1,200,000 people
Population growth rate
3.5 %
Age distribution
35 % under 30
Household size
4.2 people
Household composition
60 % nuclear families
Education levels
45 % tertiary education
Economic Indicators
Median household income
3,500,000 NGN/year
Employment rate
88 %
Job growth
4.2 %
Dominant industries
Technology, Retail, Services
Cost of living index
120 index
Consumer Spending & Buying Power
Retail sales per capita
1,200,000 NGN
Disposable income
2,800,000 NGN/year
Spending behavior - apparel
25 % of retail spend
Spending behavior - dining
20 % of retail spend
Spending behavior - electronics
15 % of retail spend
Competition & Retail Presence
Existing retail mix
Supermarkets, Fashion, Electronics
Number of competitors
150 businesses
Market saturation
Moderate
Presence of anchor tenants
Shoprite, SPAR
Foot traffic from nearby businesses
High
Real Estate & Infrastructure
Rent costs
25,000 NGN/sqft/year
Property values
150,000,000 NGN
Zoning laws
Commercial-friendly
Business permits
6-12 months
Availability of retail space
Moderate
Proximity to major roads
High
Public transportation access
Good
Parking availability
Adequate
Traffic & Accessibility
Pedestrian traffic
50,000 daily visitors
Vehicle traffic
200,000 daily vehicles
Public transport accessibility
70 % coverage
Commute times
45 minutes
Work patterns
60 % office-based
Psychographics & Consumer Lifestyle
Shopping preferences
Value and convenience
Brand affinity
Nike, Samsung, Zara
Consumer loyalty
Moderate
Entertainment and leisure trends
Cinema, Dining
Crime Rates & Safety
Crime statistics
3,500 incidents/100,000 people
Shoplifting rates
2 % of retail sales
Public safety measures
Police patrols, CCTV
Tourism & Seasonal Factors
Tourist spending
500,000,000 NGN/year
Tourist footfall
100,000 annual visitors
Major local events
Lagos Fashion Week
Seasonal attractions
Christmas markets
Online vs. In-Store Shopping Trends
E-commerce penetration
35 %
Click-and-collect adoption
20 %
Local preference for in-store shopping
65 %
Retail & Mall Performance
Total retail space
2,500,000 sqft
Retail space per capita
2.1 sqft/person
Projected growth in retail space
5 %
Retail leakage rate
15 %
Sustainable retail demand
High
Major upcoming retail projects
Ikeja City Mall expansion
Consumer Behavior & Spending
Grocery market share - Retailer 1
Shoprite, 35 %
Grocery market share - Retailer 2
SPAR, 25 %
Grocery market share - Retailer 3
Local markets, 20 %
Consumer spending patterns
Essentials-driven
Grocery expenditure trends
10 % annual growth
Luxury retail performance
Moderate
Top mall shopping preferences
Ikeja City Mall
Shopping trips to other cities
20 % of residents
Key drivers for mall visits
Convenience, Variety
Preferred brand categories
Value fashion
Competitive & Site Analysis
Number of existing malls
5 malls
Total retail footfall
15,000,000 annual visits
Retail market gaps
Luxury retail
Trade area population
2,000,000 people
Retail potential in catchment area
High
Projected retail growth rate
6 %
Preferred mall layouts
Open-air, Mixed-use
Site & Accessibility
Public transport access
70 % coverage
Walkability score
65 index
Road infrastructure & car access
Good
Parking capacity in comparable malls
2,000 spaces
Surrounding land use & future developments
Commercial, Residential