Black Friday for brick-and-mortar stores

As Black Friday sales kick off in Nigeria, the focus has often been on the booming e-commerce sector. However, brick-and-mortar stores are proving to be strong competitors in this rapidly changing retail environment. Isioma Onochie-Aihe, co-founder of Grey Velvet, sheds light on the resilience of physical stores despite the growing dominance of online platforms. The conversation around Black Friday sales naturally gravitates towards e-commerce giants, but Onochie-Aihe emphasizes that brick-and-mortar stores are not lagging behind. She highlights the enduring appeal of in-person shopping experiences, stating that many consumers still value the opportunity to see and touch products before making a purchase. This sentiment underscores the ongoing relevance of traditional retail outlets in the face of technological advancements. While online stores offer convenience, especially during events like Black Friday, Onochie-Aihe acknowledges that physical stores continue to attract customers through personalized service and a tangible shopping experience. The buzz around Black Friday sales is evident in both realms, with brick-and-mortar establishments also witnessing increased foot traffic and sales. Grey Velvet's focus on clothing made in Nigeria has resonated well with consumers, particularly amidst economic challenges. Onochie-Aihe notes a shift in consumer preferences towards locally made products, driven by factors like the economic recession and exchange rate fluctuations. This trend has not only boosted sales for Grey Velvet but also reflects a broader movement towards supporting indigenous industries. When asked about the sales performance across different product categories, Onochie-Aihe highlights the success of their clothing line and the growing demand for locally made fashion. While she acknowledges a general slowdown in retail sales due to economic factors, Grey Velvet's strategic focus on made in Nigeria goods has shielded them from significant declines observed in other sectors. The conversation delves into the challenges faced by local suppliers and providers in the textile industry. Onochie-Aihe points out the limitations of the local textile space, emphasizing the reliance on imported materials for production. Despite the push for 'made in Nigeria' products, the reality is that the industry still heavily depends on foreign imports, raising questions about the sustainability and growth of indigenous manufacturing. In essence, the narrative surrounding brick-and-mortar stores on Black Friday in Nigeria is one of resilience and adaptation. While e-commerce continues to transform the retail landscape, physical stores like Grey Velvet are carving out their niche through a combination of quality local products and personalized customer experiences. The coexistence of traditional and digital retail channels underscores the diversity and dynamism of Nigeria's retail sector, offering consumers a range of choices and shopping experiences.