If you are planning to start a business in Lagos, the first thing you
need to sort out is shop. Once you have rented a shop, you are almost
half way to starting your business. For those living in Lagos, finding
out the cost of shops may not be that difficult, a visit to an estate agent
will give you idea of what the cost of renting a shop in Lagos looks
This article is intended to give anyone who wants to rent a shop in Lagos the idea of what to budget base on the part of Lagos he or she is interested in. While the cost of renting a shop in some part of Lagos is high, there are some parts where you can get it very cheap. Below are the estimates according to locations.We will be dealing mostly with the average shops in some of the most popular markets in Lagos, these will give you the idea of shops in other parts of the state that is not mentioned here.
1. Ikeja City Mall – This has become the delight of all shoppers in Lagos, especially in Ikeja area. Ikeja city mall is a world class shopping mall that is redefining the retail shopping in Lagos. I can’t just imagine shopping elsewhere than the city mall. It offers comfort and convenience as well as quality goods at affordable prices.
There you will get some of the quality items you can only see in catalogs. The items sold there ranges from electronics, furniture, jewelries, etc. You also have banks, restaurants, and, cinemas there too. World class brands like Samsung, Nike, LG Electronics, and so many others has their retail shops there. Shoprite, one of the biggest department and grocery store in Africa also have a 4,400 square meters shopping area here.
The cost of renting a shop in Ikeja City Malls is about N100,000 per square meter per annual excluding maintenance charges. And you must convince the company in charge (Broll Property Ltd) that you have enough experience and financial capacity to own and maintain a shop in the city mall.
|Ikeja City Mall and Shoprite|
2. Ikeja – Ikeja is one of the choice place to do business in Lagos,especially businesses like boutiques, sell of new vehicle spare parts, provisions, foodstuffs, books, wine shop, hair beauty salons and other fashion accessories. Designer shops are also very suitable in Ikeja.
One of the most prominent part of Ikeja when it comes to buying and selling is the computer village. There is the headquarters for computers, computer accessories, mobile phones, mobile phones accessories, books, other electronics such as televisions, cameras, projectors, music equipments, etc.
Cost of shops in computer village and other parts of Ikeja ranges from N500,000 to N800,000 per annul. Ikeja is among parts of Lagos where two years advance payment is still practiced.
3. Oshodi – Probably the most popular place in Lagos when it comes to buying and selling. All sorts of things are sold in Oshodi, ranging from food stuffs to clothing, and anything you can think about. Most of the shop owners sell in wholesales. That’s why most retailers go there to buy their goods.
Business in Oshodi is very good if you have a shop in a good location, though almost every part of Oshodi is considered good location due to the sheer number of people that droops in there on daily basis. The cost of shop in Oshodi is between N400,000 to N700,000 per annul. Shops in Cantonment shopping complex goes for N300,000 per annul.
4. Mushin – For those interested in dealing with tokunbo auto spare parts, Mushin is one of the most ideal place in Lagos where the business does very very well. It is considered the headquarter of used auto spare parts and and old electronics.
Ladipo is especially notorious in that line of business in Mushin axis. I heard that shops there is very scarce but you can still find some. When you do, the budget you must have is N250,000 to N500,000 per annual. Lagos State Government recently closed Ladipo due some misunderstanding between the government and the traders but I think it has been reopened.
5. Alaba International Market – This market has been known for years as a “go to place” when it comes to electronics both new and old (used tokunbo) of all kinds. Furnitures sells very well in Alaba market.
Balogun market at the international trade fair near Alaba is another good choice for all kinds of businesses. Prices of shops in these areas goes for N150,000 to N500,000. Sometimes, you get some for cheaper rate.
6. Idumota – People merchants comes from all over west Africa and beyond to buy goods in quantity in Idumota and the surrounding markets. It is ideal market for bulk traders. Traders who sells in wholesale and importers of goods.
Unlike other markets in Lagos, the road network there is excellently done. So, movement in and out of idumota is no longer like before and I am sure that added to the cost of shops there. Shops in Idumota are exceptionally small, if you can get a standard shop which is always scarce, this price will be around N500,000 to N1.2 million per annual depending of the location in the market.
|Shops in Computer Village Lagos Nigeria|
7. Ikorodu Garage – This place has metamorphosed into one of the major market in Lagos due to the influx of people to Ikorodu and the surrounding communities. Business there is extremely good more than people imagined. It is a quiet hob of all things. Standard new shops there by the roadside is between N300,000 to N600,000 per annual and people are making brisk business.
8. Ketu Market Area – People from out side would think that Ketu market is just for fruits and vegetables. No, Ketu is also very ideal for other businesses and people are making brisk business there. Movement in and out of the place is relatively easier compared to other places. Renting a shop there for any kind of business is not a bad idea. Shops there cost between N250,000 to N500,000.
9. Yaba Market – Very popular for used cloths and shoes in those days, Yaba market have been transformed in recent time into something better and more presentable. Yaba area is a hob of activity and made more popular due to the presence of University of Lagos and Yaba Tech as well as other high institutions.
Business in Yaba is very great and the cost of renting a shop doesn’t come cheat as well. Average shops goes for N500,000 to N800,000 per annual.
10. Mile 2/Agbado Area – Shop in Mile 2 towards Alaagbado area is between N100,000 to N300,000 annually and business isn’t doing badly there too.
Note: Shops in the streets are very cheaper than the ones at the major roads and market areas. Depending on what you intends to sell, you may decide to get cheater shops in streets and other areas. Add your opinion and knowledge by commenting.