This article is a slightly-edited excerpt from Standard Bank’s Africa Consumer Insights Report 2020: Third Edition.
Africa’s modern retail development continues to grow and improve in quality but still lags traditional trade.
A growing population and larger, more developed cities translate into vast opportunities for retail. For example, wholesale and retail are already the third-largest contributor to Nigeria’s GDP while Kenya has seen 54% growth in the number of retail stores over the last five years.
In South Africa, there are almost 2,000 shopping malls. Nigeria, Kenya and South Africa remain the key markets in value terms, while the industry continues to further modernise in promising markets such as Ghana and Côte d’Ivoire.
Sub-Saharan Africa is made up of a combination of traditional and modern retailing channels. These channels vary by market and are influenced by factors such as the economy, state