Proposed Jabi Lake Mall targets N55bn from Abuja shoppers
By 2015 when the Jabi Lake Mall opens, Abuja shoppers will be spending roughly $340 million (about N55bn) annually to patronize retail outlets in the mall, developers of the mall have said.
Analysis from a site feasibility audit conducted by Actis, the private developers of the mall, in 2012 showed that there were roughly about 2.04 million people living within the Mall’s catchment area and this population combined had $145 million (about N23bn retail spend per annum.
Actis Director, Real Estate Mr. Michael Chu’di Ejekam said its analysis showed that the population would have risen to 2.4 million by 2015 and that would translate to a corresponding growth in annual retail spend to roughly $340 million when the mall opens thus making the Jabi Lake Mall the fourth in the series of West African world class retail centres.
Located on the eastern shore of Jabi Lake in the Jabi district of Abuja and only a ten-minute or 8km drive west of Abuja’s business centre, the Mall will be the first of its kind in Abuja, offering 25,000 square metres of grade-A shopping space from a unique waterside location on the shores of Jabi lake.
With a 22-month construction period, the main construction started in January 2014 and it is scheduled for completion in October 2015.
The Mall is a joint venture between Actis, a private equity investment company; Duval Properties Limited and development management led by Laurus Development Partners. The mall is expected to gulp roughly $120 million.
Speaking on the impact of the project to the country’s economy, Mr. Ejekam, said a total of 900 jobs were created during construction with 97 percent Nigerians making up the entire construction workforce.
1000 post construction jobs directly related to the shopping centre are expected at the completion of the mall. The jobs will includes shop keepers, security staff, cleaners and other ancillary services.
He equally informed our reporter that Shoprite, one if the mall’s anchor tenants pre-letting 5,000 sq metres, will procure about 73 percent of all of its goods from Nigerian suppliers.
The dramatic vistas and hilltops play into what the company said it is looking to go from pure shopping centres “to an area where you can go shop, relax and spend time with your family and also increase the dwelling time. So, instead of just picking up an item and leaving you will be compelled to sit.”