Key Insights as of Jun 2025
Market Demographics
Population size
21,000,000 people
Population growth rate
2.5 %
Age distribution
35% under 15, 60% 15-64, 5% 65+ %
Household size
4.2 people
Household composition
60% nuclear, 30% extended, 10% single %
Education levels
40% secondary, 25% tertiary, 35% primary or less %
Economic Indicators
Median household income
2,500,000 NGN/year
Employment rate
65 %
Job growth
3.2 %
Dominant industries
Trade, Finance, Manufacturing
Cost of living index
120 index
Consumer Spending & Buying Power
Retail sales per capita
150,000 NGN
Disposable income
1,800,000 NGN/year
Spending behavior - apparel
20 %
Spending behavior - dining
25 %
Spending behavior - electronics
15 %
Competition & Retail Presence
Existing retail mix
50% local, 30% regional, 20% international %
Number of competitors
200 stores
Market saturation
High
Presence of anchor tenants
Yes
Foot traffic from nearby businesses
500,000 visits/month
Real Estate & Infrastructure
Rent costs
50,000 NGN/sq.m/year
Property values
200,000,000 NGN
Zoning laws
Strict
Business permits
6-12 months
Availability of retail space
Limited
Proximity to major roads
High
Public transportation access
Moderate
Parking availability
Limited
Traffic & Accessibility
Pedestrian traffic
1,000,000 people/day
Vehicle traffic
2,500,000 vehicles/day
Public transport accessibility
60 %
Commute times
60 minutes
Work patterns
70% in-office, 20% hybrid, 10% remote %
Psychographics & Consumer Lifestyle
Shopping preferences
50% value, 30% convenience, 20% luxury %
Brand affinity
High for global brands
Consumer loyalty
Moderate
Entertainment and leisure trends
Cinema, dining, events
Crime Rates & Safety
Crime statistics
3,500 incidents/100,000 people
Shoplifting rates
2 %
Public safety measures
Moderate
Tourism & Seasonal Factors
Tourist spending
50,000 NGN/visitor
Tourist footfall
2,000,000 visitors/year
Major local events
Lagos Fashion Week, Art X
Seasonal attractions
Beaches, festivals
Online vs. In-Store Shopping Trends
E-commerce penetration
30 %
Click-and-collect adoption
15 %
Local preference for in-store shopping
60 %
Retail & Mall Performance
Total retail space
5,000,000 sq.m
Retail space per capita
0.24 sq.m/person
Projected growth in retail space
5 %
Retail leakage rate
20 %
Sustainable retail demand
High
Major upcoming retail projects
Eko Atlantic Mall
Consumer Behavior & Spending
Grocery market share - Retailer 1
Shoprite: 25 %
Grocery market share - Retailer 2
Spar: 15 %
Grocery market share - Retailer 3
Ebeano: 10 %
Consumer spending patterns
40% essentials, 30% discretionary %
Grocery expenditure trends
5 %
Luxury retail performance
Moderate
Top mall shopping preferences
Ikeja City Mall, Palms
Shopping trips to other cities
10 %
Key drivers for mall visits
Dining, entertainment
Preferred brand categories
Value fashion, electronics
Competitive & Site Analysis
Number of existing malls
15 malls
Total retail footfall
50,000,000 visits/year
Retail market gaps
Luxury retail, specialty stores
Trade area population
15,000,000 people
Retail potential in catchment area
High
Projected retail growth rate
4 %
Preferred mall layouts
Mixed-use with entertainment
Site & Accessibility
Public transport access
Moderate
Walkability score
60 index
Road infrastructure & car access
High
Parking capacity in comparable malls
2,000 spaces
Surrounding land use & future developments
Mixed-use, residential