ABN – Multinational distribution group CFAO has opened its first African shopping mall in Abidjan, Ivory Coast, in an effort to tap into the growth of the African middle class.
The US$66 million shopping centre is a collaboration with French retailer Carrefour and will contain 50 stores, a bank and a Burger King.
It will be the first of 80 malls that CFAO plans to open across eight West and Central African countries over the next decade.
“We estimate that in 2040, 250 million Africans will have sufficient income to… consume,” said CFAO director general Richard Bielle.
“It’s precisely to accompany this formidable growth of this middle class that CFAO is looking to open 80 centres.”
About 20% of Abdijan’s 5 million residents are considered middle class following several years of rapid economic growth, after a brief civil war in 2011.