FoodCo, a diversified consumer goods company, has made a grand entry into the Lagos market with the opening of a new outlet in Lekki over the weekend.
The Lekki outlet brings to nine the number of branches established by the company in South-West Nigeria since it was incorporated about 37 years ago in Ibadan, Oyo state.
Ade Sun-Basorun, Chief Executive Officer designate, speaking during the launch, stated that the brand’s presence in Lagos will complement the industry of modern consumer retail already active in the city and fully service the needs of consumers.
The business operates with the tagline, ‘Lagos life, Ibadan price’!
According to Sun-Basorun, “We are a 37-year-old institution and a part of a small group of consumer retail companies that created formal retail in the country.
“We are also part of a small group that created quick service restaurants in the country; dating back to two and a half decades. From very early in our journey, our mission statement has always been to be the foremost retailer of consumer products in South-West Nigeria and we have had quite a lot to do to satisfy the needs of our home state of Oyo State and across other areas in the South-West region.
“When you have been around as long as we have, you will constantly get questions and requests from customers all over the South-West, and especially Lagos, asking when are you coming over to us. So, we finally yielded to the numerous requests and we are excited today to be opening our first location in Lekki, in the great city of Lagos,” he said.
“Lagos is one of the rare examples in Nigeria that is blessed with many well run and capable retail organizations. We are grateful for an opportunity to join in the mix and be one of the many quality providers that can assist in providing access to retail for all 15 million Lagosians.”
“Some of the benefits of having been around for over 30 years is that we have had a lot of chances to learn how to do things right. Our processes have been developed and refined well over three decades so we are confident of an exciting time in this market based on the assurance of premium quality and pocket-friendly prices synonymous with the FoodCo heritage,” he added.
Giving an overview of modern retail in Nigeria, Sun-Basorun said: “Modern retail is relatively new in Nigeria. Supermarkets of a 1000-2000 square metres with the full range of products that we offer is something we don’t have everywhere yet. About 80 to 90 percent of trade still comes through the semi-formal or informal shops. While modern retail will continue to take a higher share, the truth is that all the formats are going to co-exist for a long time. It is going to be a co-existence of the multiple platforms and consumers having multiple choices, depending on what they are trying to achieve and what their needs are.”
On the choice of ‘Lagos life, Ibadan price’ as its tagline, Sun-Basorun said, “Lagos life is talking about giving Lagos a high quality, premium experience while Ibadan price is to say that we are from Oyo state. The fact that you don’t know us is not because we are not around, it’s because we have a history we are proud of.”
FoodCo is a diversified consumer goods company with interests in retail, quick service restaurants, entertainment and manufacturing. It boasts of the largest supermarket chain in South-West Nigeria, outside Lagos.
