NOT long ago, Ibadan witnessed
something it had not seen in a long while.
It was a rebirth of some sort; the rebirth
of a phenomenon last seen in the
eighties. It was the grand opening of the
two malls, the Cocoa and Heritage Malls
located in the premises of the famous 24-
storey Cocoa House located in Dugbe, the
central business district of Ibadan. Since
the event took place, thousands of
residents in the city have thronged the
malls, and they have become a Mecca of
sorts. Over the last one year, it is hard to
find an Ibadan resident who has not gone
shopping at the malls, and the idea of
having a one-stop shopping centre for all
one’s shopping needs has gradually
settled into the mentality of several
residents.
Former Group Managing Director/Chief
Executive Officer, Odu’a Investment
Company Limited, Mr Adebayo Jimoh,
disclosed that the demands of high net-
worth individuals in the South West who
travelled to Lagos at weekends for
shopping culminated in the idea of
constructing two shopping malls in
Ibadan, which he spearheaded.
The then chairman, Odu’a Investment
Company Limited, Chief Sharafadeen Alli,
said putting up the malls in Ibadan was
the vision of the company at improving
the quality of life in Ibadan, the
neighbouring states and Nigeria at large.
He added that the two malls had
redefined the commercial activities of
Ibadan, “particularly the central business
district of Dugbe area in Ibadan that has
come alive with economic activities
around the vicinity.”
He noted that “the property re-
development project has given people a
feel of shopping under a very conducive
atmosphere.”
Looking at the current situation, some
residents have made a shift in their
shopping patterns. For Mrs Remi Onaeko,
an entrepreneur and mother of three, “I no
longer buy meat in the open market as I
used to before Shoprite came. I can’t
stand someone coughing and sneezing
over the food I want to eat. Its far more
convenient for me to go to a place that’s
neat and orderly, and the produce are
hygienically packaged.”
Indeed, the South African shopping chain
has been able to attract attention across
the city and it recently announced that it
would open its largest store in Nigeria in
Ibadan, this month.
A staff of Shoprite at the Cocoa Mall,
Ibadan, confirmed that the company
indeed had plans to open more branches
in the city. The staff, who pleaded
anonymity said if there was going to be
any effect on the existing branch, it would
be minimal. When told that some other
shops in the mall had complained of low
patronage, he said, “We have not had a
better yesterday. Perhaps those shops
have not really looked at what the
customer needs. We have listened to our
customers’ complaints and we have
adjusted accordingly, even if that meant
deviating slightly from our initial mode of
operation. We do what is necessary for
the customer to walk out of our doors
happier. If they do, they will keep coming
back.”
Reacting to the ongoing developments in
the Ibadan property landscape, a
renowned estate surveyor in the city, Elder
Biodun Odeleye of Biodun Odeleye and
Co., had this to say, “I think this is an
indication of the revamping that is taking
place in the economy. And I am sure that
it is getting more obvious that the
economies of scale due to the proximity
of Ibadan to Lagos are coming to play.
By the time the (Lagos-Ibadan)
expressway is completed it will shorten
travel time and within an hour one should
be able to cover the distance. There is
going to be a spillover effect of the
population explosion and growth from
Lagos. I am sure some people would, by
then, not mind coming from outside to do
their shopping in Ibadan. Already people
don’t mind coming from places like Oyo,
Ogbomosho, Oshogbo, Ekiti to Ibadan to
shop.
He noted that the hospitality business
was also enjoying a boost. “Where
infrastructural development is taking
place, it results in a boost in economic
trade. I foresee that apart from shopping
malls, there will be holiday resorts
springing up also, so that people can take
advantage of the peaceful and serene
environment that Ibadan offers.
Elder Odeleye added that “the real estate
industry in Nigeria in general and Ibadan
in particular is enjoying a boost. House
rents are going up and people are taking
up the houses. The effective demand is
there if not people will not be willing to
pay.”
What will be the lot of the existing shops
and businesses in the vicinity when
behemoth-sized malls are nearby and
seem to be drawing all the crowds in the
city? The Biodun Odeleye and Co. founder
said, “Stores like Shoprite are for the
elite. It is not an all-comers affair.
Because of this, the lower class will still
make use of the shops around. Like they
say, ‘water will always find its level’ and
for this reason, the local shops will still
have their clientele.
Speaking on the sustainability of the
occupancy of the units in the malls, Elder
Odeleye, who has invested decades in the
property business in Ibadan said that, “I
know there are places in Ibadan where a
shop goes for N120,000 rent and people
will not take it, and there are places
where a shop cost N300,000 and people
are taking it.” He explained that there
were different locations and different price
ranges for different classes of people,
buttressing his point that water indeed
found its level in the industry.
Findings by Nigerian Tribune showed that
rent for shops at the new Palms Shopping
Mall would cost about N9 million for 61-
square metre floor space, and a 120-
square metre floor space shop would go
for about N15 million per annum.
The estate surveyor did not leave without
mentioning the role that government had
played in the ongoing happenings in the
retail market and property landscape.
According to him, “the incumbent
government is helping the situation. With
the expansion of roads across the city,
places are opening up, mobility and
accessibility is increasing and properties
are gaining value.”
The Persianas Group, led by its chairman,
Mr Tayo Amusan, presents an unusual
optimistic perspective of Nigeria as a
country, which possibly gives insight into
the company’s motivation for the Ibadan
shopping mall investment. According to a
statement on the company’s website, “A
large and growing population, well-
educated middle class, increasing rate of
urbanisation and good economic
prospects for the country as a whole
combine to create a very positive outlook
for Nigeria’s retail, residential and
commercial development sectors.
Nigeria’s growing middle class accounts
for approximately 23 per cent of the
population and is estimated to have a
combined buying power in excess of US
$28 billion.”
Coming to the specifics of real estate and
retail market, the Group’s position is that,
“The Nigerian real estate sector is
expected to produce high growth in the
medium term.
“A comparatively healthy economy,
sustained growth in sectors such as
commerce, construction and telecoms,
and a recovery in the financial services
sector all lead to growing demand for real
estate products. However, the market is
under-supplied and there is a dearth of
quality stock.
“Retail, in particular, remains under-
supplied. There is high demand from
internationally branded food, home
products and luxury goods retailers
looking to grow their businesses in
Nigeria. Branded fashion retailers are also
entering the marketplace following the
lifting of the textile ban.”
The real estate arm of the group,
Persianas Properties Limited, is
responsible for the Palms Shopping Mall
located at Lekki in Lagos, Enugu and
Ilorin. The Ibadan centre is where
Shoprite plans to open its largest store in
Nigeria.
Chief Tokunbo Omisore, the CEO of
Topservices Limited, developers of Cocoa
and Heritage malls, however, took a
pragmatic stance on how new malls
would fare. He said, “There are people
who will throng these places just because
they want to be seen there because it’s
the latest thing in Ibadan. They may be
expensive and classy and there are people
that just want to associate with that.
However, the more economically
conscious, both buyers and sellers, will be
more concerned about the bottom line.
“Ibadan, like most big cities, can take at
least four to five shopping malls,
preferably neighborhood convenience
centres /malls to support growth.”
He added that, “As an individual l believe
our mall developments process should be
one to grow the local retail industry that
is presently epileptic.
“My advice as I will continue to say is to
provide affordable mall developments for
sustainability. Malls are to provide
conveniences within accessible distances.
Let’s all find a solution that will develop
our local retailers and assist in
multiplying in more neighborhood
convenience centres/malls thereby
creating more employment.”
It is also expected that the job market in
the city will benefit from having more
malls on ground. Oyo State Governor
Abiola Ajimobi was quoted as saying that
the Cocoa and Heritage malls in Ibadan,
built by the Odu’a Investment Company
Limited, would create over 2,000 jobs.
The new Shoprite Mall is also expected to
provide, on its opening, 200 direct jobs
and 100 indirect jobs.
The proposed opening of the newest
Shoprite mall on Ring Road, however, has
made some residents in the capital city of
Oyo State a bit apprehensive. Some
residents around Ring Road, Oluyole
Estate and environs who spoke to the
Nigerian Tribune claimed that apart from
bringing more development to the already
thriving area, they were worried by the
location of the huge complex and that it
was only a matter of time before a
gridlock traffic situation emerges at the
Mobil-Federal High Court Complex road.
They complained that the main entrance
of the complex, which, at the moment,
faces the round-about between Mobil and
Federal High Court road, would cause a
dangerous traffic situation if more exits
were not created out of the complex to
other routes.
According to Tope Odanye, who lives in
Oluyole Estate, the location of the main
gate would cause major impediment to
the free flow of traffic because there were
no other exit roads from and to the
complex at the moment.
“The Ring Road expressway where the
new Shoprite is located may cause traffic
problems if new exits from the complex
are not created. This is because, already,
there is heavy traffic on that road and
many times, there are obstructions that
cause long hold-ups especially when a
car or lorry breaks down on the road. For
a road that is that busy, the main exit
from the new mall which faces the round-
about will cause long queues on that
road. The only other by-pass from Mobil
junction which passes the Federal High
Court entrance is bad and needs
attention. Unless the road is quickly
repaired, we are in for a tedious traffic
situation along that route,” he said.
When the Nigerian Tribune visited the
said road, it was observed that indeed,
the major entrance and exit faced the
express road and a round-about. The by-
pass route also needs repair if smooth
and free flow of traffic is to be achieved
after the new mall opens.
Another person who spoke to Nigerian
Tribune, Claire Nwosu, said that the
security arrangement around the area
where the new mall is located should be
beefed up. This, according to her was
required because of the fears about the
crowd that would throng the mall when it
is opened. She said that the authorities
concerned should allocate more security
personnel around the mall to discourage
mischievous elements from taking
advantage of the crowd to rob and
infiltrate the surrounding areas.
Another respondent who craved
anonymity encouraged the Oyo State
government and the corporate
organisations around Mobil junction to, as
a matter of urgency, do what is necessary
to repair the road that serves as a bye-
pass to the Ring Road expressway so as
to decongest the riotous traffic situation
to be occasioned by the opening of the
new mall.

source www.tribune.com.ng/quicklinkss/features/item/8098-ibadan-s-shopping-malls-the-more-the-merrier/8098-ibadan-s-shopping-malls-the-more-the-merrier

the Ventura mall.

I hope say that you are not waiting for me to read all that rubbish

nice

No time to say no time to read
But the color Make sense small

OK na

Nice 1 but d story long walahi.

Nice

True that. The market in Ibadan is big enough to accomodate the malls and also the open markets. The population in Ibadan is enough to sustain the growth and expansion of all those chains of retail marketing; people from southwest states farther inland do come shop in Ibadan anyways. What I fear is if the market women in places like Agbeni, Oje, Beere and co won't suffer because of this upward trend in retail mall business. I used to love going to those open markets as a kid and see my Mom or Dad haggling over the price of whatnot.

I've never being to any of those malls in Ibadan, but I sure would love to visit. It will be a welcome change in the way business is being done and also cater to the needs of the upwardly mobile Ibadan residents.

slimthugchimee: I hope say that you are not waiting for me to read all that rubbish

Crying Eboe-la loser! You are pained because this is not from the land of the dead sun! LMAO

IB city

Nice one for d Ibadan people.

kk

na wao

what type of copy paste is this Op, you can't even edit your copy paste, HABA, it made boring to read. Na so u dey do for ibadan ni?

I beg the story too long jare. What if the mall big like Buruj Al-khalifah or the new city mall for Dubai you would have finish up all NL page.

All dat long storry bcus of shopping mall......nairlandgoingcrazysincejuly2014....#speed out

MsNas: What exactly is the piece pointing at? That shopping malls aren't profitable in Ibadan and so more branches shouldn't be opened?

really? so woods work there? the more the branches, the more the jobs for people. the more people will buy whatever they want conveniently.

chinolization: How will the mall survive when 98% of ibadam citizens are living in mud houses built with rusted roofs..

I would have cursed you out. But I'll be civil. 98% of who? You really have to get your chronic hate of anything Southwest under control. Cos I don't understand how a man/woman who has future aspirations will spend every waking moment of his/her existence hating and trashing one particular thing.

NL is not real life. You better find a better purpose for yourself before your whole existence passes you by because your eyes was blindfolded by hate. Omo Ale Buruku

Ibadan don dey repackage small small. I don't know what aba is waiting 4?
But wait oh op just because u want to tell us that there is a new mall in a local town wit red roof,that why you wrote this text book with out thick cover?

Nice one, but E too long to read FP things on my mind ooo

Too much story jor. Besides, didn't they say too much if everything is bad?!!

good for them

Ib city the population will always be at an advantage.

UrbanMystique: really? so woods work there? the more the branches, the more the jobs for people. the more people will buy whatever they want conveniently.

I modified already. Didn't get an hang of the piece at first cos it was hard on the eyes to read.

MsNas:
I would have cursed you out. But I'll be civil.

pls ignore that Dunce

nice one Odua investment.

Soprite abi? Isokay. Ama sop.

Too long

4bobo: na wao

what type of copy paste is this Op, you can't even edit your copy paste, HABA, it made boring to read. Na so u dey do for ibadan ni?

ibadan people no dey do like that.