Marketsquare at 10: The Making of Nigeria’s Largest Indigenous Retail Chain

Bennett Oghifo

Ten years ago, the idea seemed ambitious, if not improbable.

Nigeria’s retail landscape was dominated by traditional open markets, informal neighbourhood stores, and a handful of large supermarket operators concentrated in major urban centres. Organised grocery retail was still evolving, and many investors viewed expansion beyond Lagos, Abuja, and Port Harcourt as a risky proposition.

Yet in 2015, a new company made a decision that would challenge conventional thinking about retail growth in Nigeria. Instead of launching in one of the country’s established commercial capitals, Sundry Markets Limited opened its first Marketsquare store in Yenagoa, Bayelsa State.

A decade later, that single store has grown into a network of 41 outlets across 19 cities in 15 states, serving more than two million customers every month and employing over 4,000 Nigerians. Today, Marketsquare is widely regarded as Nigeria’s largest indigenous grocery retail chain, a distinction that reflects not only scale but also a story of resilience, vision and disciplined execution.

As the company celebrates its tenth anniversary, its journey offers an important lens through which to examine the evolution of modern retail in Nigeria and the growing capacity of indigenous enterprises to build institutions of national significance.

The Decision That Defined the Journey

Every successful business has a defining moment: a decision that shapes its future trajectory. For Marketsquare, that moment was choosing Yenagoa.

At the time, the decision puzzled many observers. Conventional wisdom suggested that any retail business seeking rapid growth should establish itself first in Nigeria’s largest commercial centres.

Founder and Chief Executive Officer of Sundry Markets Limited, Mr. Ebele Enunwa, remembers the questions clearly. “Many asked, ‘Why Yenagoa?’ My answer was simple – why not? Every community deserves access to quality living.”

The statement captures a philosophy that continues to define the company today. Rather than concentrating exclusively on traditional commercial hubs, Marketsquare sought to bring modern retail experiences to communities where such offerings were limited or entirely absent.

That approach reflected a broader belief that quality retail should not be determined by geography. In many ways, the company’s first decade has validated that conviction.

Identifying a Gap in the Market

When Marketsquare entered the market, Nigeria’s retail sector presented a paradox.

The country’s growing population and expanding middle class suggested enormous potential for organised retail. Yet consumers often faced challenges ranging from inconsistent product availability to inadequate shopping environments and limited access to modern grocery stores.

For Sundry Markets, these challenges represented an opportunity. The company set out to create stores that offered customers a cleaner, safer, and more reliable shopping experience while maintaining affordability and convenience.

“Customers were forced to shop in unreliable conditions. We chose to be part of the solution,” Enunwa has said in reflecting on the company’s early years. That commitment to improving the customer experience became a cornerstone of the Marketsquare brand.

Across its locations, the company focused on creating standardised retail environments built around quality, consistency, and trust, attributes that would become increasingly important as consumers became more discerning.

Building Through Adversity

The story of Marketsquare’s growth cannot be told without acknowledging the operating environment in which it occurred.

The company’s first decade coincided with some of the most challenging periods in Nigeria’s recent economic history. There were recessions, foreign exchange pressures, inflationary shocks, supply chain disruptions, and the unprecedented impact of the COVID-19 pandemic. Businesses across multiple sectors were forced to rethink their strategies, adapt their operations, and manage rising costs.

Retailers faced additional pressures, including energy costs, logistics challenges, and changing consumer spending patterns.

For Marketsquare, these realities became part of the journey. “In the early days, power supply could not sustain our systems. But we learned, we adapted, and we grew,”Enunwa recalled during the company’s anniversary celebrations.

The comment speaks to a broader organisational mindset that has helped the company navigate uncertainty. Rather than allowing challenges to define its trajectory, Marketsquare focused on building operational resilience, strengthening processes, improving efficiency, and continuously adapting to changing market conditions.

That ability to evolve has become one of the company’s most important competitive advantages.

From One Store to a National Footprint

The numbers tell a remarkable story. In 2015, Marketsquare operated a single store. By 2020, the network had expanded to 15 locations nationwide. Today, the company operates 41 stores across 19 cities and 15 states.Such growth reflects more than expansion for expansion’s sake. It represents a deliberate strategy of building scale while maintaining consistency.

One of the challenges facing growing retail chains is ensuring that customers receive the same quality experience regardless of location. Marketsquare has sought to address this challenge by standardising store operations, product offerings and service delivery across its network.

The result is a brand that customers increasingly associate with reliability. Today, Marketsquare serves more than two million customers every month and operates across more than 50,000 square metres of retail space.

These figures place the company among the most significant players in Nigeria’s organised retail sector and underscore the growing role of indigenous operators in shaping the industry’s future.

Beyond Stores: Building an Economic Ecosystem

While retail growth is often measured by store count and revenue, Marketsquare’s impact extends far beyond its physical locations.

Over the past decade, the company has helped create a broader economic ecosystem involving suppliers, manufacturers, distributors, logistics providers, and employees. Today, Marketsquare works with more than 900 suppliers across Nigeria. Many of these businesses have grown alongside the company, benefiting from increased market access and distribution opportunities.

The ripple effects are significant. Every supplier relationship supports production, transportation, warehousing, and employment. Every store creates opportunities for workers, contractors, and service providers. Collectively, these activities contribute to economic development in ways that extend well beyond the checkout counter.

The company currently employs more than 4,000 people directly. “From a handful of employees to thousands, Marketsquare has served millions, created jobs, and raised the bar for grocery retail in Nigeria,” Enunwa noted.

In a country where job creation remains a national priority, this contribution carries particular significance.

The Indigenous Enterprise Story

Perhaps one of the most compelling aspects of Marketsquare’s journey is what it represents for indigenous enterprise in Nigeria. For years, discussions about large-scale retail often centred on international operators and foreign investment.

Marketsquare’s success challenges that narrative. It demonstrates that local companies can build sophisticated retail operations, manage complex supply chains, and scale across multiple regions while maintaining operational standards.

This achievement is not merely a corporate milestone; it reflects a broader shift in perceptions about what indigenous businesses can accomplish.

Chairman of the Board, Engr. Charles Odita believes the company’s impact should be viewed through this wider lens. “Our contribution goes beyond retail. We have strengthened local economies, empowered businesses, and created opportunities that improve lives across the communities we serve.”

His remarks capture an important reality: successful businesses do not operate in isolation. They become part of the social and economic fabric of the communities they serve.

Recognition Beyond Nigeria

The company’s progress has attracted attention beyond the country’s borders. Among its notable recognitions is inclusion by the Financial Times among Africa’s fastest-growing companies. For a Nigerian-owned retail business operating in a challenging market environment, such recognition carries symbolic importance. “This recognition affirms the strength of our vision and the discipline of our execution,” Odita said.

The recognition reflects years of sustained growth, operational discipline, and strategic consistency, qualities that have become central to the company’s identity.

Purpose Beyond Profit

While commercial performance remains essential, Sundry Markets has also sought to position itself as a socially responsible organisation. Over the years, the company has invested in initiatives focused on education, healthcare, women’s empowerment, and community development.

Its programmes have included scholarships, medical outreach campaigns, and support for local development initiatives. These efforts are guided by a philosophy that business success and social impact should reinforce one another. “We firmly believe business success must go hand in hand with meaningful social impact,” Odita has stated.

In an era where stakeholders increasingly expect businesses to contribute positively to society, such initiatives have become an important part of the company’s identity.

Looking Ahead: The Next Decade

While anniversaries naturally invite reflection, they also encourage forward thinking. For Marketsquare, the next chapter is already taking shape through its Vision 2030 agenda. The strategy focuses on five key priorities: expansion into underserved communities, digital transformation and AI-driven retail solutions, enhanced customer experience, leadership and talent development, sustainability, and renewable energy initiatives

These priorities reflect broader shifts occurring across the global retail industry. Technology is reshaping how consumers shop, how businesses manage inventory, and how retailers interact with customers. Sustainability is becoming an increasingly important consideration for businesses and consumers alike.

Marketsquare intends to position itself at the centre of these changes. “We are building technology-driven solutions that will redefine convenience and create experiences beyond imagination,” Enunwa said.

The ambition reflects a company that sees its first decade not as a culmination but as a foundation.

More Than a Retail Story

At its core, the Marketsquare story is about much more than supermarkets. It is a story about identifying opportunities where others saw limitations. It is a story about building through uncertainty, investing in people, and creating value across communities. It is also a story about the growing confidence of indigenous Nigerian businesses.

Ten years after opening its first store in Yenagoa, Marketsquare has become a case study in what is possible when vision is matched with execution. The company has expanded from one location to a national footprint, created thousands of jobs, strengthened supply chains, and helped redefine customer expectations in organised retail.

As Chairman Odita reflected during the anniversary celebrations: “Together, we have built something meaningful. And together, we will take it even further, into a future defined by scale, innovation, and lasting impact.”

For Marketsquare, the first decade has been about proving what is possible. The next decade may well be about defining what comes next for Nigerian retail.