RETAIL STORE BUSINESS PLAN

Business Name: PrimeMart Retail Superstore
Business Address: 17 Adeola Odeku Street, Victoria Island, Lagos State
Ownership Type: Sole Proprietorship (with potential to register as Limited Liability in future)
Business Type: General Retail (Groceries, Household Essentials, Personal Care Products, Stationery, Beverages, Baby Care, etc.)

TABLE OF CONTENTS

1.0    Executive Summary

1.1    Business Objectives

1.2    Mission Statement

1.3    Vision Statement

2.0    Business Description

2.1    Legal Structure & Registration

2.2    Location Analysis

3.0    Market Analysis

3.1    Industry Overview

3.2    Target Market

3.3    Customer Preferences & Behaviour

3.4    Competitor Analysis

4.0    Marketing and Sales Strategy

4.1    Branding and Identity

4.2    Pricing Strategy

4.3    Promotions and Customer Acquisition

4.4    Loyalty and Retention Program

4.5    Digital Marketing

4.6    Community Engagement

5.0    Operational Plan

5.1    Location and Facilities

5.2    Inventory Management

5.3    Operating Hours

5.4    Payment Methods

5.5    Waste Management

6.0    Management and Staffing Structure

6.1    Organizational Structure

6.2    Roles and Responsibilities

6.3    Recruitment Plan

6.4    Training and Development

7.0    Financial Plan

7.1    Startup Capital Requirements

7.2    Revenue Projection (First 12 Months)

7.3    Operating Costs (Monthly Estimates)

7.4    Projected Profitability

7.5    Funding Sources

8.0    Risk Analysis and Mitigation Strategies

8.1    Market Risks

8.2    Operational Risks

8.3    Financial Risks

8.4    Regulatory Risks

8.5    Health and Safety

9.0    Sustainability and Expansion Plan

9.1    Sustainability Strategies

9.2    Expansion Plan

10.0 Appendix

10.1 SWOT Analysis

10.2 Key Assumptions

10.3 Organizational Chart

10.4 Legal & Regulatory Compliance Checklist

Conclusion

1.0 Executive Summary

PrimeMart Retail Superstore is a proposed medium-scale retail outlet designed to cater to the everyday shopping needs of residents and working-class individuals within the busy Victoria Island business district and its surrounding areas in Lagos State, Nigeria. As urbanization continues to rise and consumer preferences shift toward convenience, affordability, and quality, PrimeMart seeks to position itself as a go-to destination for diverse retail products—ranging from groceries and personal care items to baby care and household essentials—all under one roof.

The business aims to leverage a clean, well-lit, professionally designed store layout and reliable supply chain relationships with manufacturers and wholesalers to provide competitively priced and high-quality products. PrimeMart will operate using modern inventory management systems and offer additional customer-centric services such as in-store promotions, loyalty programs, and potentially, home delivery for bulk orders.

The total estimated startup capital for PrimeMart is ₦22,500,000, covering store setup, inventory procurement, staffing, branding, technology, and operational expenses for the first three months. With strategic marketing, quality customer service, and product availability, PrimeMart projects a monthly turnover of ₦7,000,000–₦9,000,000 within the first year, with a 30–35% gross margin.

1.1 Business Objectives

• Launch and fully operate a retail outlet in Lagos within the first 3 months of funding.
• Achieve break-even within the first 10 months of operation.
• Build a loyal customer base of over 2,000 regular buyers within the first year.
• Expand product variety to over 2,500 SKUs (Stock Keeping Units) by the end of Year 2.
• Introduce digital shopping and delivery platforms by the end of Year 2.

1.2 Mission Statement

To provide high-quality everyday products at affordable prices in a clean, secure, and customer-friendly environment that meets the needs of Lagos’ growing urban population.

1.3 Vision Statement

To become a leading name in modern retail across Lagos State and beyond through exceptional service, efficient operations, and community engagement.

2.0 Business Description

PrimeMart Retail Superstore is conceptualized as a medium-sized urban retail store designed to provide a mix of essential goods for daily life in Lagos. Nigeria’s growing population, rapid urbanization, and expanding middle class make retail a vibrant and evolving sector. However, many still face challenges such as poor service delivery, substandard product quality, and inventory shortages in traditional open markets and small-scale stores.

PrimeMart will bridge this gap by combining the affordability of open markets with the professionalism and convenience of modern supermarkets. With a well-organized store layout of approximately 300 square meters, PrimeMart will feature multiple product aisles segmented by category, clean check-out counters, and adequate customer service facilities.

The business model hinges on bulk procurement from reputable local wholesalers and select manufacturers to benefit from economies of scale. Products will be resold at competitive markups of 10–35% depending on category and demand elasticity. Key categories will include:

• Groceries: Packaged foods, cooking oils, rice, spaghetti, beverages, canned foods, and snacks.
• Personal Care: Toiletries, sanitary items, soaps, hair care, cosmetics.
• Household Essentials: Cleaning supplies, kitchenware, light electronics (e.g., electric kettles), batteries.
• Baby Care: Diapers, baby food, wipes, powder, and accessories.
• Stationery & School Supplies: Notebooks, pens, folders, art supplies.
• Seasonal Items: Holiday décor, gift wraps, rain gear, etc.

The retail store will initially operate from 8:00 am to 9:00 pm, 7 days a week, including public holidays, to serve working-class and residential clientele.

2.1 Legal Structure & Registration

PrimeMart Retail Superstore will be registered as a sole proprietorship under the Corporate Affairs Commission (CAC) of Nigeria with provisions to transition into a Limited Liability Company upon business expansion. It will also obtain necessary permits including:

• Lagos State Retail Sales Permit
• Waste Disposal Agreement with LAWMA
• Fire Safety Certificate
• Signage Permit from LASAA

2.2 Location Analysis

Victoria Island is one of Lagos’ most commercially active zones, filled with corporate offices, upper- and middle-income residences, and pedestrian traffic. Despite its urban character, the area lacks many independently run mid-range supermarkets—especially those targeting budget-conscious customers. PrimeMart fills this market gap by offering affordability with ambiance and modern management practices.

The store’s location at 17 Adeola Odeku Street ensures proximity to high-density office complexes and residential neighborhoods such as Ikoyi, Lekki Phase 1, and Oniru. Accessibility by road and walk-in traffic is also a key advantage.

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