BusinessDay

Youth population, growing consumer tastes see Foodco expand outlets

…marks 40th anniversary

Nigeria’s market driven by a large youth population and increasingly sophisticated consumer tastes had seen omnichannel retailer, FoodCo opens more outlets across Nigeria.

Listed as one of Africa’s fastest-growing companies in a 2022 ranking by Financial Times and Statista, FoodCo consolidates its continuous upward trajectory in a market with a footprint of 18 stores.

Established in 1982, as a fresh fruits and vegetables stall in Bodija, Ibadan, FoodCo has grown to become the operator of the largest supermarket chain brand in South-west Nigeria, outside Lagos, with a footprint in Ibadan, Lagos, and Abeokuta.

Ade Sun-Basorun, Managing Director, FoodCo Nigeria, said: “The reality of today’s retail business is that only innovative, customer-focused brands can successfully navigate the terrain and deliver sustainable investment returns. In just this decade, we have gone through two economic recessions, battled a global pandemic, and have had to adapt to the demands of a digital transformation that has redefined the nature of retail.”

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As part of the 40th anniversary celebrations, FoodCo launched two new outlets in Idi-Aba and Ita-Oshin, both in Abeokuta, Ogun State, bringing the brand footprint to 18 stores.

Commenting on the event, Basorun expressed gratitude to the company’s stakeholders for helping it achieve the milestone.

“As we mark our 40th anniversary this year, we are truly humbled that we have not only been able to weather the storms, but we continue to put together the building blocks for sustainable growth in the coming years ahead. For this, we are thankful for the support of our customers whose patronage, goodwill and feedback continually motivate us to do better. Some of them have stayed with us for three generations, beginning from the now grandmothers who started with us in Bodija, to their children who now come to shop with their own children.”

“I would also like to thank the entire FoodCo staff for their hard work and commitment which makes it possible for us to deliver on our promise of quality at an affordable price. And finally, a big shout-out to all our partners – suppliers, host communities and regulators – for enriching our journey in many ways with their own unique contributions. As a proudly Nigerian brand, our promise to stakeholders is that we are here to stay and we eagerly look forward to the next 40 years,” he added.

As part of activities to mark the anniversary, FoodCo will be holding a week-long promotional offer. Shoppers in the new outlets at Idi-Aba and Ita-Oshin will also be treated to big discounts and freebies on purchases including groceries, cosmetics, phone accessories, home appliances, food and beverages, among others.

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