Africa’s retail landscape is experiencing tremendous changes. Analysts have projected that factors such as demographic and economic trends are shifting fast, something which might see formal retain markets take the lead from informal markets.
In a report by UK-based Retail & Leisure International (RLI), such emerging trends will shape Africa’s future retail market for better.
The report purports that the 18 largest cities in Africa will have a combined spending power of $1.3 trillion before 2030. They are further stating that many cities in the continent will have at least one million inhabitants like North America at the time.
Before the end of 2025, the continent’s expenditure will be at least $2.1 trillion despite it having the youngest population, African Development Bank.
Africa has been on the lead with rapidly developing urban cities as over 40 percent of its population make a living by working and living in the urban centers with the number expected to increase significantly.
Currently, the largest working population of Africa ranges between 16-34 years old, an age that is prime for consumption, hence a promising future for the retail market.
Therefore, a large number of investors and developers have been showing interest in tossing a coin in this promising industry.
