10 Reasons Why You Need a Retail Fitout in Lagos and How to Get One

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How would you feel if you had to work in a warehouse instead of an office? Or sit on a stool with no desk? Or have no light and air conditioning? Sounds claustrophobic, stressful, and unproductive, right? Well, that’s the reality for most small businesses and startups across Nigeria. Most small business owners in Lagos, and indeed most of Nigeria, have little or no access to affordable offices with good lighting and air conditioning. Even if they can afford it, many startups cannot get bank loans as collateral because they don’t own real estate. The result is that many small businesses are forced to share cramped offices or work from home — not exactly ideal for productivity. In such environments, entrepreneurs face a high risk of losing their creative focus as well as their customers who will not be impressed by a third-world setup. In fact, the majority of businesses that fail do so because they don’t have the right infrastructure or workspace. This article explores ten reasons why you need a retail fitout in Lagos and how to get one.

Small Businesses Face Limited Options in Lagos

There is a serious lack of commercial real estate in Lagos. This is a major challenge for startups looking for office space. According to estimates, Lagos alone needs 35 to 40 million square feet of office space. This need is only being met by 1.5 million sq ft annually, which is just 5% of what’s needed in the city. Moreover, the bulk of this commercial real estate is concentrated in the central business district. So, startups located in other parts of the city like Oshodi, Ikeja, or Alausa, are out of luck.

Lagos retail space is extremely limited and very expensive

Lagos is an extremely expensive city to do business in, with retail rents being above the global average. According to a report from CBRE, Lagos is the third most expensive city in the world for office space. Retail rents are even higher and are expected to jump even more in the coming years. For example, you can expect to pay about N110,000 per month for a 1,500 sq ft office in Oshodi, Ikeja and Alausa. That’s just N3.5 per sq ft. When you compare that to the global average retail rent of $39 per sq ft, you will find that Lagos is very expensive. Furthermore, these high commercial rents are compounded by a lack of supply as retail space in most parts of the city is limited. That’s because it’s expensive to build real estate in Lagos.

Employees Are Your Most Important Asset

Employees are the single most important asset in any business. You either hire the right people or you die. And since you can’t afford to hire the wrong people, the quality of your employees is even more important. Given the lack of cheap labour in Nigeria, most businesses, especially startups, cannot afford to hire employees with high skill sets. You might even not be able to hire employees with low skill sets if you have no office space. Therefore, it’s very important to hire employees who fit the company culture, even if they have low skill sets. A great environment and a fitout with a good company culture will help these employees learn more quickly. And more importantly, it will help you retain these employees for longer, which is a very big deal in Nigeria.

Good Infrastructure Drives Creativity and Productivity

A good infrastructure drives creativity and productivity. This is especially true for startups that want to attract better employees. You can’t expect to attract and retain top employees if you don’t have a modern office space. At best, you will attract mediocre employees who don’t care about their working environment. In fact, it’s been proven that a better infrastructure boosts creativity. It does this by providing a more comfortable and less distracting environment. This means that a retail fitout will not only help you retain your existing employees, it will also help you attract better employees. And that’s very important in Nigeria where there’s a premium on quality employees.

A Good Environment Can Attract Better Talent

A good environment can attract better talent. This is especially true if you are in a growth phase and are hiring new employees. For example, if you have no retail fitout and are looking to hire a graphic designer, you will have to settle for either an amateur or someone who works in a very noisy environment. Unfortunately, most small businesses in Lagos don’t have the luxury of being selective when hiring employees. Most need to hire quickly because cash flow is an immense challenge for startups. As a result, they don’t have the luxury of hiring slowly or waiting for the right candidate to present himself/herself. That’s why many startups are forced to hire employees who are not qualified for the job or who don’t fit the company culture.

A Fitout Can Boost Company Culture and Morale

A fitout can boost company culture and morale. This is particularly true for startups with early stage cultures. There are many benefits of having a retail fitout in Lagos. One of them is that it gives you a place to gather and brainstorm. It also helps you create a central location where employees can go to get work done.

A Retail Fitting Shows Customer Confidence

A retail fitout shows customer confidence. If a company has a retail fitout, it shows that it’s serious about staying in business and growing. Such a company is also less likely to be ripped off by customers. If you don’t have a retail fitout, it shows that you’re not serious about the business and that you’re probably going to close shop soon. This may be the case. But most likely, it’s because you don’t have the resources to hire a retail fitout.

Conclusion

A retail fitout is a big investment. However, it’s an investment that will pay off. It will boost creativity and productivity, attract better talent, and show customer confidence. A retail fitout shows that you’re serious about the business and that you’re here to stay. The retail fitout is a key factor that can help drive your business to the next level. A retail fitout is a change in the way a retail store is designed. It gives the store a new look and feel. When you have a retail fitout, it can help promote your business. A retail fitout is also more beneficial compared to a retail refit, as it has a wider range of services and it is a more cost-efficient process.