Pick n Pay, a retail business in fast-moving consumer goods industry, has acquired WhiteTree Gourmet, a luxury retail groceries supermarket in Lagos, to bolster its offerings and expand geographically.
Pick n Pay operates through multiple store formats under two brands –Pick n Pay and Boxer– and they have the largest online grocery business in Africa.
Nigeria, with a population of over 200m and home to the largest consumer market on the continent, offers tremendous and attractive opportunities for investors interested in the retail business. Hence, have attracted global retail giants and have propelled the growth of some indigenous retailers.
WhiteTree Gourmet sought to bring the full experience of shopping abroad to Nigeria, allowing customers of all races and demographics domiciled in Lagos the ability to experience the ease of shopping and a luxurious atmosphere such as they would see in very well-developed climes.
Ewaen Sorae, founder of WhiteTree Gourmet created a solution to the retail needs of clients that understand excellence, wanted luxury and needed a space that offered that, the exit came as Pick N Pay, a giant in the retail Industry, approached Ewaen looking to expand its operations.
Speaking on the acquisition, the manager in charge of Pick N Pay Nigeria was impressed with the kind of capacity WhiteTree Retail possessed to run WhiteTree Gourmet successfully despite being fairly new in the FMCG space.
Source: Business day
By
