Share
#EndSARS: Spar reopens Lekki outlet one month after vandalism
Retail operator Artee Group, the owners of the SPAR license for Nigeria have reopened the Lekki outlet that was vandalised by hoodlums on the 21st of October as part of the fallout of the #EndSARS protests. Haresh Keswani, CEO of Artee Group speaks to CNBC Africa’s Kenneth Igbomor on the opportunities in Nigeria’s Retail space.
Fri, 04 Dec 2020 11:25:42 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- The impact of the #EndSARS protests and the vandalism of the SPAR outlet in Lekki on the Nigerian retail sector
- Challenges and opportunities in the Nigerian retail space, including the effects of COVID-19 on consumer spending and operational costs
- Artee Group's strategy for the future, emphasizing resilience, commitment to growth, and the importance of government support and pandemic recovery
The retail sector in Nigeria has faced significant challenges in recent years, with the CEO of Artee Group, Haresh Keswani, shedding light on the impact of various disruptions on the industry. Speaking to CNBC Africa's Kenneth Igbomor, Keswani discussed the fallout of the #EndSARS protests, the devastating vandalism of the SPAR outlet in Lekki, and the broader opportunities and challenges facing the Nigerian retail space.
Keswani highlighted the resilience and determination of Artee Group in the face of adversity, particularly the swift reopening of the vandalized SPAR outlet in Lekki. Following the attacks by hoodlums on October 21st, the store was completely ransacked and destroyed, forcing the company to make a crucial decision. Despite the immense losses, Artee Group made a bold commitment to reopen the store within 30 days, sending a message of resilience and determination to both consumers and fellow retailers.
The CEO emphasized that the retail sector in Nigeria has been grappling with challenges since 2015, exacerbated by the crash of oil prices in 2014 and further impacted by the COVID-19 pandemic in 2020. Keswani noted the importance of the retail sector as the final link in the economic chain, distributing products to consumers and driving overall economic growth. Despite the setbacks faced by the industry, Keswani expressed confidence in the opportunities present in Nigeria's retail space, emphasizing the country's economic potential.
Addressing the impact of COVID-19 on consumer spending and operational costs, Keswani highlighted the challenges faced by retailers in implementing safety protocols and maintaining business continuity. The CEO underscored the importance of adapting to new protocols, such as social distancing measures and increased hygiene standards, to ensure the safety of both customers and staff. Despite the challenges, Keswani expressed optimism about Nigeria's ability to overcome the pandemic and return to a semblance of normalcy.
Looking ahead to the future, Keswani discussed Artee Group's strategy for the coming year, acknowledging the uncertainties brought about by the events of 2020. While the company had originally planned to open three new stores this year, those plans were derailed by the pandemic. However, Keswani expressed hope for expansion in the future, contingent upon factors such as government assurances on security and the trajectory of the COVID-19 pandemic. The CEO indicated that Artee Group remains committed to investing in Nigeria and contributing to the growth of the retail sector.
In conclusion, the interview with Haresh Keswani provided valuable insights into the challenges and opportunities facing the Nigerian retail sector. Despite the setbacks caused by recent disruptions, Artee Group's resilience and commitment to rebuilding demonstrate the potential for recovery and growth in the industry. As Nigeria navigates the aftermath of the #EndSARS protests and continues to grapple with the impact of COVID-19, stakeholders in the retail sector are adapting to new realities and charting a path forward for sustainable growth and development.
SIGN UP FOR OUR NEWSLETTER
DAILY UPDATE
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.