Malls, malls and more malls, but putting a twist on Comrade Snowball’s words in George Orwell’s Animal Farm, “some malls are more equal than others”. This certainly seems to be the case with the Jabi Lake Mall which is still under construction.
However, whispers on the street have it that it would be The Biggest Mall in Nigeria, going by the history of the main investor – Actis. Those familiar with Actis know that they are the Power behind The Palms mall in Lekki, The Ikeja City Mall (with Shoprite as anchor tenant, and, The Accra Mall. Those are malls to reckon with in Nigeria and West Africa.
Actis’ partner in the project is Duval Properties. Laurus Development Partners is the Development Manager.
It is therefore understandable that Nigeria, especially Abujans are waiting with a lot of excitement for the completion of Jabi Lake Mall which has been fixed for sometime in October, 2015.
The Jabi Lake Mall is situated on 5 hectares of land on the eastern shore of the Jabi Lake, ten minutes away from the Abuja Central Business District. It is flanked by Shehu Yar’Adua expressway and the Jabi and Utako disctricts and overlooks Jabi Lake.
There will be two retail levels consisting of 25,000m2 and over 100 shops with Game and Shoprite each taking 5,000m2. There will be a 5 screen cinema of 1,400m2 operated by Silverbird, a food court on the 1st Level, a children entertainment area and a restaurant boulevard on the ground level fronting Jabi Lake with full accessibility from the boardwalk. Car parking for 733 cars will be provided on both levels to offer shoppers access on either level.
The tenant mix is said to be a variety of local, national and international brands with Game, Shoprite and Silverbird already signed up.
Amongst the best news about the Jabi Lake Mall is its job creation. Over 1000 jobs are being created with the construction of the mall from construction to establishment. More jobs mean more income for the populace, which in turn means more revenue for the government and again, more business for Jabi Lake Mall.
An excellent symbiotic relationship for all involved. Abuja is the Federal Capital Territory of Nigeria, and aside from it being the seat of governance, it is also regarded as one of the most Upwardly Mobile states in the country.
Based on the 2009 Satellite Imagery Dwelling Count Analysis, the city’s population will be just under 2.5 million by 2015. The number of households of 5 persons is estimated to be about 485,000 by 2015. The primary trade area of Jabi Lake Mall has a projected household number of 70,501 by 2015 and would have a catchment area of about 1.5 million by October, 2015 when the mall opens.
78,000 households within the mall’s total catchment area have average annual income of $150,000 per household. Prime investment potential for those looking. As Michael Chu’di Ejekam, a Director Real Estate at Actis, a private equity investor with $7 billion assets under management commented: “Building on the successes of Ikeja City Mall and The Palms, Actis is developing the next generation retail experience, offering Nigerians and visitors a destination mall to shop, dine and relax in. We are seeing huge demand for such developments, driven by a growing consumer base and a retail revolution.”
The Jabi Lake Mall does seem to be all that and more… Come October 2015, there indeed would be another remarkable success in Retail Revolution in Nigeria and West Africa, as a whole.