Retail Business Plan
Starting a Retail store in Nigeria is a lucrative business to do in Nigeria considering its wide potentials and possibility of turning it into a chain retail shop business.
The retail industry is a major sector of the economy of Nigeria which generates a whooping sum of well over N100 trillion annually from more than a million retail outlets scattered all around Nigeria.
The industry is responsible for the employment of well over 10 million people which is about 12% of the workforce of Nigeria. It was published in the papers that in 2016 alone, the retailing industry on a global scale generated revenue of well over N900 trillion; it goes to show that the industry is indeed a very large industry.
Table of content
Executive Summary 4
Business description 7
Products and services 11
Market Analysis 12
Competitor Analysis 13
Sales and Marketing Plan 14
Operational Plan 15
Management Plan 21
Financial Plan and Projections 23
PATILAD Retail Store is a retail shop that will be located in one of the busiest streets in Oregun Lagos.
We have been able to lease a facility that is big enough to fit into the design of the retail shop that we intend launching and the facility is located directly opposite the largest residential estate in Oregun Lagos.
Our retail shop will retail a wide range of durable goods and non – durable goods at affordable prices from most trusted brands.
We retail goods such as groceries, clothes, sports equipment, beauty products, jewellery, baby stuff, children’s toys, home furnishings and home appliances et al.
PATILAD Retail Store is a start-up retail store in Bendel Street, Opposite Victory Estate Oregun Lagos that provides interesting merchandise options at bargain prices.
Financing will come from the private investments of Mr Dayo Adetiloye. He will supply all equity that will be cleared at the end of 36 months.
The PATILAD Retail Store will be incorporated as a sole proprietorship company.
It’s a sole proprietorship but will be run as a family business.
PATILAD Retail Store will contribute from his personal savings toward this business venture.
With an aggressive marketing plan, PATILAD expects to experience steady growth as it becomes more familiar to the general public.
With the financing in place, PATILAD will be able to successfully open and maintain operations through year one.
The large capital investments of the owners will provide the public with a unique and innovative store that will cater to the needs of those on fixed incomes such as low-income families, the elderly, and the large student population in the Bend area.
The successful operation of PATILAD will provide a customer base that will allow it to be self-sufficient.
Products and Services
The PATILAD Retail Store sells a variety of quality discount merchandise.
The merchandise is purchased from a variety of well-known manufacturers as well as a number of other generic branded companies. Shipments arrive on a daily basis.
We will continue to find new product lines that can be added to our inventory.
We are able to sell products at very low prices because we will purchase items from discontinued lines, seconds over none, etc. that cannot be sold to a manufacturer’s usual retail customers.
We are aware that there are several large and small retail outlets all around Victory Estate Oregun Lagos, which is why we spent time and resources to conduct our feasibility studies and market survey, so as to offer much more than our competitors will be offering.
We have to sell service options for our customers, and our outlet is well secured with the various payment options.
Much more than selling the goods and products of top brands in the manufacturing industry, our customer care is second to none in the whole of Oregun.
We know that our customers are the reason why we are in business, and that is why we will go the extra mile to get them satisfied when they visit our retail shop and also to become our loyal customers and ambassadors.
Competitors for PATILAD Retail Shop are Alpha Store, Bolar Ventures, Citadel Stores, etc.
PATILAD Retail Shop competitive edge includes the lowest prices possible for bulk purchase products, excellent customer service, the expertise of its founders, etc.
PATILAD Retail Shop seeks N5 million in long-term financing to cover start-up costs, equipment, building expenses, and working capital.
Funding for the launch of the business is provided primarily by equity from the partners and investors.
The business will reach positive cash flow in its 10th month of operation, allowing for expedited repayment of its loan obligations, as well as for dividends to be paid to the owners.
Revenue will top N14,500,000 and profit will reach about N3,843,950 in the 1st year of operation.