On Thursday, Owerri Mall opened its doors to the public to become the first modern shopping centre in Imo State. It was commissioned by Imo State Governor, Rochas Okorocha and tenants such as Shoprite have begun trading.
It cost $44 million to complete the mall and it was developed by Resilient Africa, a joint venture with Resilient – a leading South African REIT, Shoprite and Standard Bank.
Last month, Resilient announced that they were slowing down on plans to build 10 shopping centres in Nigeria as Des de Beer, the Managing Director presented a bleak outlook for the country’s retail market, stating that the risks were now outweighing returns. This is mainly due to import restrictions and depressed oil prices which have put Nigeria under economic stress.
Delta Mall, Resilient’s flagship project, opened in Q2:2015 as planned, however the current economic landscape resulted in a reduction in the gross lettable area for Owerri Mall and Asaba Mall. Initially planned to be 13,000m², Owerri Mall is now 9,950m².