From the early 1980’s a new social phenomenon came to the forefront world-wide – the shopping mall. Although the concept of malls was to induce consumerism, investors of this new concept could never in their widest dreams visualize the social revolution it would start. From day one it was a big hit with the sole purpose to provide everything under the sun under one roof or in one big complex.
The Palms Shopping Mall on the Island in Lagos constructed and commissioned on the 16th of December, 2005 by Property Developer Tayo Amusan pioneered the mall business in Real Estate in Nigeria’s economic space. With the successful development of the Lagos Mall other malls have sprang up across major cities in the country from the Federal Capital Territory – Abuja to Calabar, Enugu to Ilorin, Ikeja and Surulere in Lagos and Kano.
Ibadan, the capital of Oyo state is the next city to play host to a shopping mall to be cited inside the premises of Cocoa House. The mall is coming forty-eight years after the foundation of Cocoa House which was laid in the same compound by Chief Obafemi Awolowo but was completed by his successor Chief Ladoke Akintola in 1965 at the cost of 900,000 pound sterling.

The shopping mall, Heritage Mall sitting on a 10,000sq meters land in Dugbe, the city’s Central Business District is being developed by Oodua Investment Company Limited. The independent private company was incorporated in July 1976 to take over business interest of the former Western Region of Nigeria, now Oyo, Ogun, Ondo, Osun and Ekiti States.
The mall upon full completion is where shoppers will be able to walk around at leisure and make purchases in a serene, clean environment complete with state-of –the-art facilities. The mall which has already gulped 1.4billion naira will have escalators, panoramic lifts, banking halls, branded restaurants, children play area, food courts, specialized retail shops, health club, fitness gym, bookstore, toy shop, and provide parking space for over 200 cars. It would also provide two-modern cinemas. The cinema, Filmhouse will be the showpiece of the mall. It will feature very exciting components such as 4-Screens, Digital 3D Cinema, Stadium Luxury Seating, 7.1 Dolby Digital Surround Sound, iScream, Games Arcade and Soul-food brand.
The mall which is reputed to be the largest shopping mall in southwest, Nigeria will be a four-floor building with the ground floor as basement with a parking lot for 200 cars. The main contractors, Messr L’Dalberto & Company Limited which constructed the first tallest skyscraper in Nigeria (Cocoa House) is constructing the building and would deliver the mall soon as the project is close to completion. The ultra-modern shopping mall is being modeled to meet international standards.
“When the mall finally open it doors for business in Ibadan – the city of endless growth, it will be the premier center for shopping in the third largest city in Africa and third largest metropolitan area by population in Nigeria” – The Author.
It will present the convenience and unique experience of retail, leisure, entertainment, movies, games and health.
It presently has CASH ‘N’ CARRY Supermarket as anchor tenant. A leading retail chain in Europe is among the tenants that have already signed for the building. SHOPRITE, a South African based retail and fast food Company with over 1,200 corporate and 270 franchise outlets in 16 countries across Africa and the Indian Ocean Islands, has also taken close to 2,500sq meters of space in the mall which goes for $100 per square meter. Life Mate, Mr. Price, British Homes Stores Pharmacy and Filmhouse are also major tenants.

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Kudos, but .......
Parking Capacity of 200 is too small, considering that this also has revenue potentials, there is no excuse for such a low figure