Nigeria to get biggest slice of Midcom’s $50m retail investment 

Midcom Group, a diversified business group operating across 17 countries in Africa, has said Nigeria is going to get the biggest slice of its $50million retail investment aimed at growing its Mstore brand from 300 outlets to 1,300 in 2018 and over 2,000 outlets by 2020, which will make Mstore the largest mobile and electronics retailer in Africa, in addition to creating over 5,000 jobs.
“Nigeria being one of our largest markets, we expect a significant investment to flow in Nigeria itself over a period of next 2 to 3 years. Approximately 20 percent of the 5,000 jobs would be in Nigeria. So, that’s 1,000 jobs,” said Alexandra Williams, Associate Director, IHC Dubai.
Currently, Mstore has a presence across Kenya, Tanzania, Uganda, Rwanda, Nigeria, Ghana and Togo, and expansion will see the store increase its presence in these markets and enter new countries, including Chad, Ivory Coast and Senegal.
On the number of outlets, Nigerians should expect, William says, “133 outlets which have already been secured are coming into Nigeria over the next 12 months and another 20-30 each year over the next few years till we reach our target of approximately 250 stores across Nigeria. These outlets will be located countrywide, in all major cities and town.”

Akash Kumar, managing director of Midcom Group, said the company has been operating across the continent for over 14 years in an array of industries which complement one another by allowing them to successfully apply the group’s combined knowledge and expertise of African markets and sectors to the continued growth of their brands.

“The expansion of Mstore is the latest realisation of that growth strategy, which we believe any other international organisation moving into these markets would struggle to replicate. By starting small, with 300 locations, we have used our knowledge of the markets to apply a strategy that will make us the largest mobile and electronics retailer on the continent.

“The expansion of Mstore will support another of our businesses, FERO, our recently launched line of mobile phones, by providing full sales and technical support to FERO customers across our markets.

This type of on-the-ground support is a service no other mobile operator in Africa is able to offer.”
According to Kumar, the new FERO range of mobile phones are designed specifically for African markets, offering 16 models, from entry-level feature phones through to sophisticated premium smartphones targeting the top end of the market.

“We are operating retail outlets in prime locations to provide the best experience to our customers, who are now able to enjoy the ease of buying global leading devices in their region with manufacturer warranty.

It is a win-win situation for the consumer, our partners and the group,” said Kumar.
The Midcom Group boss said all Mstores are strategically located at prime locations in major cities across Africa and equipped with state-of-the-art infrastructure and IT tools to manage operations, along with well-trained experts providing customers with knowledge and technical expertise.

CHINWE AGBEZE