One of Nigeria’s long standing business giants and leading conglomerates, Chellarams Plc, has just entered into a joint venture business partnership with Woolworths, South Africa. The partnership which resulted in the establishment of Woolworths Retail Stores Nigeria Limited was consummated recently at the Isolo office of Chellarams Plc, with the signing of the memorandum of understanding and other necessary documents.

Woolworths Retail Stores Nigeria Limited is set to commence business in Nigeria with the planned opening of 3 stores in Nigeria in December 2011. In addition, and as a futuristic agenda, 7 more stores would be added to its chain of stores in the next three years; making a total of 10. The first 3 stores will be located in the Palms Shopping Mall in Victoria Island, the new Ikeja City Mall and Polo Park Shopping Mall, Enugu.

Speaking to gentlemen of the press after pens were put to paper by both parties, the Woolworths Divisional Executive: International, Mr John Fraser and the Group Managing Director of Chellarams, Mr Suresh Chellaram, expressed their confidence in the joint venture investment between Woolworths and Chellarams Plc in Nigeria. This confidence stems from the fact that Nigeria has a large population, with growing middle class and upper income groups, as well as the development of retail shopping centres.

“Our joint venture means we can deliver to customers the best retail offering possible tailored to local market needs. Our partners bring knowledge of local trading conditions and we bring the quality, value, innovation and fashion our South African customers know and appreciate. It’s the best of both worlds,” said Mr. John Fraser.

Woolworths has refined and improved its merchandise offering for customers in selected African countries. Customers can now look forward to a larger selection of fashion and general merchandise that suits their needs. These includes formal wear, casual wear, beauty products and home furnishings that are fashionable and trendy for men and women and children.

Woolworths is one of the largest chains of retail stores in South Africa with over 350 stores and a turnover of over $ 4 billion. Woolworths South Africa, which opened for business in 1931, is affiliated with Marks and Spencer of United Kingdom. It aims to open a further sixteen (16) stores in African countries this year; taking the total number of stores to sixty (60) in the current financial year. It currently operates stores in the following ten (10) African countries: Botswana, Namibia, Lesotho, Swaziland, Ghana, Kenya, Tanzania, Uganda, Zambia and Mozambique.

Chellarams Plc, which was established in Nigeria in 1923, is a diversified organisation with operations in wholesale & distribution, manufacturing, engineering, tourism, quick-service restaurants and power generation. Chellarams partnership with Woolworths is another milestone in its effort at diversification, as well as fulfilling its vision of providing competitive products and services in every home in Nigeria and beyond.