FoodCo Nigeria Limited, an indigenous diversified consumer goods firm, has expanded its neighbourhood retail model as Nigerian consumers prioritise convenience and proximity when shopping for everyday goods, Ade Sun-Basorun, the company’s CEO, said.
Speaking at the opening of the company’s new neighbourhood store in Awakan, Ojoo, Ibadan, Sun-Basorun said modern retailers must bring quality products and services closer to consumers.
‘Neighbourhood retail is becoming increasingly important to the future of modern retail in Nigeria because consumers are not only asking what they can buy, but also how easily they can access it,’ he said.
The Awakan outlet brings FoodCo’s network to 24 stores across Oyo, Lagos and Ogun states.
The store combines the company’s supermarket and quick-service restaurant offerings, providing groceries, household products, fresh food, a grill house and an in-store bakery.
Sun-Basorun said the expansion was driven by research into local consumer needs rather than simply increasing the company’s store count.
The opening forms part of FoodCo’s continued expansion across South-West Nigeria as organised retailers increasingly adopt convenience-led formats.
Founded in 1982, FoodCo operates across retail, quick-service restaurants, manufacturing and entertainment, and employs more than 2,000 people.