Indigenous companies can build institutions that compete with the very best – Marketsquare CEO
Marketsquare Marks a Decade of Retail Innovation in Nigeria
By Nkiruka Nnorom
Marketsquare, one of Nigeria’s leading indigenous supermarket chains, is celebrating ten years since the opening of its first store. Founded by Ebele Enunwa, Chief Executive Officer of Sundry Markets Limited, the company has established itself as a significant player in the local retail market, showcasing the potential of indigenous enterprises.
In an interview with The Vanguard, Enunwa reflected on the journey that transformed Marketsquare from a single store in Yenagoa into a recognized brand impacting communities across the nation.
Inspiration Behind Marketsquare
Enunwa noted that the original vision for Marketsquare stemmed from the desire to enhance the grocery shopping experience for Nigerians. Prior to the establishment of Marketsquare, he observed that shopping was often marked by inconsistent standards and limited product offerings.
“We aimed to create an institution that improves daily life by making quality products accessible in clean and welcoming environments,” Enunwa said. “Every Nigerian community deserves quality, convenience, and respect.”
Lessons Learned Over a Decade
Looking back, Enunwa emphasized resilience as a crucial lesson learned throughout the years. He acknowledged the numerous challenges faced, including economic recessions and supply chain disruptions exacerbated by the COVID-19 pandemic.
“Remaining focused on our purpose has been key,” he stated. “Short-term challenges should not distract us from long-term value creation.”
Enunwa also highlighted the importance of people in driving business success, stating that committed employees and loyal customers are essential to a company’s achievements.
Contribution to Economic Development
Marketsquare positions itself as an active participant in Nigeria’s economic development. The company employs over 4,000 Nigerians, collaborates with numerous local suppliers, and serves two million customers monthly. Enunwa emphasized that the company is committed to creating shared value through education initiatives, healthcare programs, and community empowerment efforts.
Role of Organized Retail
Enunwa pointed out that organized retail plays a crucial role in the economy. Beyond providing shopping destinations, it creates market opportunities for manufacturers, fosters agricultural demand, and raises consumer expectations for quality and professionalism.
Achievements and Future Aspirations
Marketsquare has emerged as one of Nigeria’s largest indigenous supermarket chains. Enunwa expressed humility regarding this achievement, acknowledging the collective efforts of employees, customers, and partners.
“I hope our story encourages more entrepreneurs to pursue ambitious ideas that contribute to national development,” he remarked.
Supporting Local Enterprises
The chain has consistently emphasized the importance of partnerships with Nigerian suppliers. Enunwa believes that strengthening local supply chains enhances overall business success and national competitiveness.
“Supporting local suppliers makes economic sense while also reinforcing our national market,” he said.
Community Engagement and Leadership Lessons
Marketsquare’s community engagement is integral to its identity. Enunwa highlighted various community-oriented initiatives aimed at education, healthcare, and youth development.
Reflecting on leadership, Enunwa underscored the necessity of clarity of purpose in navigating uncertainties. Adaptability is important, but commitment to a clear mission is paramount.
Values Guiding Leadership
Integrity, respect, and a customer-centric focus are key values that have shaped Marketsquare’s leadership philosophy. As the company looks to the future, these principles remain the foundation of its operations.
Legacy and Message to Entrepreneurs
Enunwa hopes that Marketsquare will be remembered as a brand that elevated retail standards in Nigeria. He encourages fellow entrepreneurs to focus on creating value and building strong teams despite challenges in the current economic climate.
“Nigeria still offers extraordinary opportunities for those prepared to solve real problems,” he advised. “If your purpose is clear and your execution disciplined, success follows persistence.”
