After almost a year it opened in Ikeja, Mainland of Lagos, Grand Square Mall Ikeja has finally broken its silence. The shopping mall has started a media campaign to advertise itself for the first time.
There is no way the mall can continue to ‘hold its peace’ in the midst of a deafening push by various malls across the state. However, the mall might be going about its campaign the wrong way.
In its marketing materials, Grand Square Mall Ikeja is pushing itself as a general merchandise mall selling groceries and household goods. The fact that Grand Square is not standing for something in its communication, might be counter-productive. Its proximity to Ikeja City Mall, the largest mall by foot traffic means it must be focused and focus on its strength.
No doubt about it, Ikeja City Mall is already getting saturated, Grand Square Mall Ikeja might not get spillover traffic by promoting itself the usual way. Put your best foot forward! The mall has exclusive import rights for Westpoint, Xper, Loewe, Ligne Roset, Elemax, Hyundai generating sets and Omaha. It should have used the these brands as its flagship thereby giving potential customers genuine reasons to come in.
Shopping Mall Competition Matrix
Within the last three years, more than 10 shopping malls have been launched. From on the island, Circle Mall was opened in 17th December 2015 and it has to a great length colonised Lekki axis. Novare Lekki Mall, a comer to the scene would also choke up the competition amongst malls for foot traffic. This is not to forget Spars, (formerly Park ‘n’ Shop) also own two malls on the island.
The Island is also home to medium-sized malls that also compete for attention of shoppers. This is not to mention the Palms Lekki Mall owned by Persianas Retail that is gearing up to launch the second phase of the property.
However, an advantage for Grand Square is that it is on the Mainland. But, if the thirst by South African and local property developers to snatch the best location for shopping malls does not dry up, the Mainland will be getting more malls per square kilometre than any part of Nigeria if not Africa. The current recession and low appetite of investors to bet on the market might slow things down, a lower Naira (NGN) is attractive to retail real estate investors to look cash-in on the any available opportunity.
The battle to get foot traffic will become more fierce in the next three years once Alade Mall is completed. Alade Mall will directly pull foot traffic downwards Ikeja axis of Lagos Mainland. The time for Grand Square to get its acts together is running out.