Because of Bokku Mart’s bargain sales, several Lagos residents are moving from their local retail establishments to the food shop for their requirements.
Retailers, including market women, can purchase in bulk and resell to their clientele thanks to the discounted pricing. The retail chain, which began operations on September 30, 2022, is present in 75 locations throughout the state, most of which are on the mainland. Adewale Adeyemi, an entrepreneur and business leader, started it.
Long lines fill the supermarkets, and BrandSpur local news brand notes that customers’ preferred bread has been Bokku bread. Retailers can purchase a dozen of the bread for N1,500, but it is sold for N1,250.
Ikorodu resident Ayomide Olarenwaju claimed that his mother had ceased shopping at the neighborhood’s traditional retail establishments ever since the mart opened on Ebute, Ikorodu Road.
According to him: “My mother prefers to buy groceries and drinks from there. She enjoys the discount sales and has been leveraging the opportunity to get necessary things for the house.”
University of Lagos student (UNILAG), Precious Emmanuel stated that her parents would rather her purchase the bread than the standard Agege bread.
She has this to say: “Ever since the mart was opened at Alpha Nla Road, Agege, my parents have always told me to buy Bokku bread instead of Agege bread. The flavour of their bread is unique, and it’s always hot.”
But many other store-bought items, including food, toiletries, cooking oil, beverages, and body care items, are now twenty-two percent less expensive.
All regions have the same price for these commodities, which are perceived as being less expensive than those on the open market. Doven Kings cooking oil costs N2,700 per litre at the marketplace, but it sells for N3,000 on the open market.
The retail price of a 70g Indomie is N190, however the going rate is N250. The retail price of Nivea Dry impact roll-on is N1,500, however the open market value is N2,000. The retail price of 500g Golden Penny pasta is N900, however the going rate is N1,100.
Ogudu resident, Judah Kolawole claimed that when the Bokku Mart arrived at Ogudu GRA, he was forced to change retailers, BrandSpur local news brand reports.
He went on to say: “I had some stores that I patronise in my area but since the discount grocery store, Bokku Mart came in, I stopped patronising them. Their products are affordable and always available.”
Retailer, Olayemisi of Ketu Market stated that she would rather buy Bokku bread from the Bokku mart on Demurin Road in Ketu-Alapere than from another open bakery.
In her words: “Bokku has allowed us to purchase up to 15 to 20 pieces of their bread at once for N1,250 and resell for N1,500. I prefer to buy it here because it’s always fresh and hot. It also sells fast because my customers love the bread, and I can buy more than once in a day.”
In the meantime, compared to other products in the store, the purchase of Bokku bread is comparatively greater. The business hired 200 bakers for its bakery in the last 11 months, demonstrating how popular the bread has been. The majority of buyers are allowed to take up to 15 or 20 pieces at a time and resale them outside.
According to the Company’s website: “Bokku believes that everyone deserves access to top-quality products at affordable prices. Understanding the economic realities faced by Nigerians, they have managed to strike the perfect balance between quality and cost.”
It went on to say that by streamlining its supply chains and offering clients large discounts, it was able to preserve solid relationships with its suppliers.
The total sales of formal supermarkets rose by 24.4 percent to N370 billion last year from N298.1 billion in 2022, according to a recent research by Euromonitor International.
Following the report that partly read: “In 2023, supermarkets in Nigeria navigated a dynamic retail landscape characterised by inflation-driven shifts in consumer behaviour, intensified competition, and adaptations to economic challenges.”
Supermarkets are defined as grocery-selling retail establishments with 400–2,500 square meters of selling space. In the most populated country in Africa, there are several supermarkets: Marketsquare, Prince Ebeano, Goodies, and SPAR. Supermarkets witnessed an increase in sales, but hypermarkets with more than 2,500 square meters, such as Shoprite and Cash & Carry, saw a decrease in sales from N100.4 billion to N92.6 billion.
As per the National Bureau of Statistics (NBS), there was a decrease in the Consumer Price Index from 34.19 percent in June 2024 to 33.4 percent in July 2024. Monthly headline inflation also decreased, from 2.31 percent in June 2024 to 2.28 percent in July 2024.
