The commercial arm of the real estate sector is living up to experts’ predictions. At the beginning of the year, realtors had made it clear that shopping malls and office space will be the arm that would be more active in the industry. Across the length and breadth of the country, it is now a common sight to see shopping malls, office buildings and or commercial buildings springing up.

This trend, it is believed, will boost the retail activities penetration in the country. Available statistics revealed that currently, only two per cent of Nigerians shop in formal retail supermarkets compared to 60 per cent of South Africans; 30 per cent of Kenyans; four per cent of Ghanaians and two per cent of Cameroonians. Similarly, retail trade presently accounts for about 30 per cent of the world’s gross domestic product, (GDP). This is about $22 trillion of retail sales each year.

Yet, government data shows that Nigeria attracted over $1.5 billion in investments into its formal retail sector over the last three years. It is estimated that over 80 million Nigerians now live in metropolitan areas, creating huge opportunities for formal retail to thrive. One of such retail outlets that has keyed into this prospect is the Maryland Mall, located on the Ikorodu Road axis in Lagos.

The project, said to have cost about N25 billion, was inaugurated on Tuesday. It was developed by Purple Capital Partners Limited, a financial and real estate Development Company, attracted since been described as being unique in design and rendition, especially because of the commendable use of space as the mall is springing up in a built up area and designed to fit the space available through mainly vertical development.

The Maryland Mall sits on 7,700 square metres (sqms) of prime land in a built-up neighbourhood which used to accommodate the Maryland Shopping Complex. It has a gross lettable space of about 6,400sqms and it is built vertically, compared to the horizontal buildings that is the style in this clime. Logistics like movement to and around the Mall has been made easy after due studies carried out by the promoters in collaboration with the Lagos State Ministry of Transport, with an estimated 5,000 cars passing through every hour. A dedicated underground car park, said to be the first within any mall in the country, provides ample space for cars. Already, a mix of local and international brands anchored by Shoprite, The Place restaurant, Stanbic IBTC Bank, amongst other retail, hospitality and entertainment brands, have found a home in the Maryland Mall. The exterior of the mall will be a 550 square meter LED screen, the largest in Sub-Sahara Africa. This unique feature will set it apart from any other retail complex in Africa’s most populous nation.