I have been observing the subtle retail wars going on in Lagos especially the Island axis. A market of about a million when you add the populations of Lagos Island, Eti Osa and Ibeju. All these is good for the customer because it only means better prices at the stores.

Prince Ebeano Stores have expanded to about four stores around the Lekki area and this week I visited its most recent store on Chevron drive and I am superbly impressed by the company’s strategy and how they have stepped things up.

Here are three things every small business can learn from Prince Ebeano’s success story.
1. Have an objective: The most important thing is to have a goal for your expansion that aligns with your company’s policy and strategy. The size of the store, product mix (not all products sell everywhere) and customer service to be required. Based on this you can build on your costs, skills required and timing. Prince Ebeano’s new store on Chevron drive shows this with the spacious store, marketing and product selections and of course its pricing.

2. Analyze your customers’ economic base: Prince Ebeano’s spread across the Lekki area seems to take into account the economic base of its potential customers. The location in Abijo area services a different client base compared to Chevron or Lekki location. The key is to be proactive and have the customers information and buying habits through research. This helps with your product choices and pricing.

3. Consider your competitors likely move: How did I know of Ebeano’s new location? I was heading to its competitors store when they handed me new store flyers. Ebeano is careful not to locate itself close to the big stores like Spar, Shoprite etc . This way they are a step ahead of the “big guys”. I hear Shoprite is building a store in the Sangotedo area of Lagos, well Ebeano is already located in Abijo a five minute drive away. Always keep your enemies close.

I am proud for an indigenous company showing a good strategy to compete with multinationals. There are many companies like that everywhere in Nigeria. Let the retail wars begin.

You couldn't have said it better, @ kcjazz.

Prince Ebeano is a phenomenon. It's also in Abuja now.

It is probably on the samel level or slightly higher than Roban Stores in the East.

These kinds of people make me really proud with their business acumen.