The retail sector in Accra remained resilient throughout 2021 recording stable demand underpinned by a return to market activity post pandemic. Retailers’ activity such as the expansion by supermarket chain Maxmart into Dzorwulu and the market entry by Domino’s Pizza into Accra dominated the market in 2021.

The development pipeline remains stable, accounting for 26% of the total stock, as investors focus on developing neighborhood retail centers, underscoring the global trend towards accessibility and convenience against the backdrop of the pandemic.

Despite this, only 19% of the development pipeline is active while 81% remains on hold as a result of the rising cost of financing in the market due to currency devaluation challenges. The major pipeline projects include:

• A & C Corner by A & C Development Company
• Ghana International Mall

Our outlook for the sector remains stable as the market continues to attract international retailers’ interest resulting in increased demand. However, the rising inflation rate and currency challenges in the market may impact on consumer spending, which will in turn, impact on the long term performance of the sector.

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