… sets sights on expanding nation’s share of US$31bn African market
W. Emporium, a forward-looking lifestyle store – building on the legacy of the erstwhile Woolworths – has opened its door to patrons in Accra as it sets its sights on the booming multi-billion-dollar segment.
Despite a growing local economy and sustained patronage, which saw its sales figures grow steadily in the 16 years that it operated in the country, the former exited the Ghanaian market in 2019 – in part due to rising operating costs in other West African markets.
However, the goodwill Woolworths enjoyed from a loyal customer base saw its former operators inundated with requests for similar services – resulting in the introduction of W. Emporium to the market in 2022.
Elaborating on the rationale for its roll-out, Buyer and Corporate Affairs Manager at W. Emporium, Otiwaa Oduro-Kwarten, said the combination of quality, affordability and convenience ensured a superior experience that consumers could scarcely find on the market.
“After the exit of Woolworths, customers still continued trooping to the flagship store’s location, which was in a very central and visible location at the Airport, area in anticipation of a return… Seeing the gap that existed in the market, we made the decision to replicate and expand on what was previously in existence,” she explained in an interaction with the B&FT.
The W. Emporium manager added that its superior knowledge of the domestic market and its decades-old interactions with key suppliers ensures that her outfit is able to provide “the best possible products at the best possible prices”, emphasising that it does not sacrifice quality in its apparel and food delivery segments.
“We are offering a full lifestyle experience and bringing the benefits of high-end brands to our customers all under one roof. It is almost akin to walking the streets of Milan or Barcelona,” Mrs. Oduro-Kwarten also said.
She is quick to add that W. Emporium is seeking to deepen its working relationship with domestic manufacturers, in a bid to provide consistency for customers. “We have witnessed growth in the demand for locally-designed and manufactured apparel, but the age-old problem of inadequate supply to meet the markets’ demand persists. The consistency, availability and convenience continue to elude us, and this is a big deficit; but we are on course to piece the different fragments together,” she noted.
With the continental market accounting for 2.2 percent (US$31billion) of the global fashion and lifestyle market (US$1.4trillion), the Director of Kinetic Outfitters – the private equity fund that owns W. Emporium – Joe Ofori-Atta says the business is well-placed to expand local participation, particularly through the African Continental Free Trade Area (AfCFTA).
“We have seen how the pandemic and resultant rise in technology has influenced consumer patterns, and we are primed to employ a range of tools, especially with data, to increase the Ghanaian share of the market,” he stated.
Mr. Ofori Atta is convinced that growth in this segment will have a domino-effect on other aspects of the economy. “As we seek to transform the economy, the lifestyle segment has potential to provide direct and indirect jobs, grow our supply chain and logistics, and other areas such as real estate and agriculture… as we expand, the benefits of economies of scale will become more evident,” he said.
“We are excited about the opportunities we see to invest in our diverse businesses – and hopefully drive long-term value creation,” he added.
