A review of the latest Forbes rich-list, which names the
40 wealthiest citizens in Africa, not only reveals 10 new
business people added to the list, but also indicates that
Africa is a burgeoning well of prospects and a place of
continued business growth.
Economies in Africa are growing and becoming more recognised,
with Zambia recently reporting a 7.3% growth in 2012 and
Nigeria receiving its first credit rating from Moody’s
agency in November 2012, along with Zambia and Kenya. This
presents ample growth opportunities for retail, especially
luxury brands, which have been typically slow to expand
Many high-end brands have seen falling sales in Europe compared
to previous years and need to regain their presence by exploring
new markets; ones that are perhaps out of their comfort
Shopping malls and urban dwellings are being developed at
a rapid pace in Africa, in spite of many indigent areas
in the region, offering high-end labels a real opportunity
to set up in a formal retail space.
While these brands have been criticised for snubbing Africa
by failing to opening stores, Canadian-based footwear and
apparel brand Aldo, has recently opened a store in a new
mall in Gabarone, Botswana, perhaps setting the trend for
more luxury brands to follow.
With a number of African economies seeing a spike in disposable
income and greater access to mobile internet through smartphones,
many countries in this region are poised for growth.
These economies certainly present promising ventures and
a healthy optimism for luxury brands, especially those operating
in the sluggish economies of Europe.
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Fastmoving provides news, insight
and analysis into the retail and FMCG industries in South Africa
and has been doing so for the last 12 years. We provide marketing
services to businesses operating in the retail and FMCG sector by
creating dedicated company pages, publishing news releases and offering
exposure in our regular weekly and monthly newsletters.