Boutique as an Investment Window for Low-Income Earners
By Sunday Ojeme
Within the last seven years or more, there has been a surge in the importation of textiles and other fashion accessories from parts of the Middle East and Asia.
Predominantly, shoes, clothes and bags from Dubai and China have provided succuor for some Nigerians who would want to be in their best but lacked the wherewithal to go for the expensive designs from Europe and the United States.
Prior to the now popular Dubai rush, this fashion business in Nigeria was strictly a competition among three classes of businessmen-the wealthy importers in designer outfits from Europe and the US, those dealing in used clothes popularly known as okrika and the local fashion designers.
Not until 1982, when Giorgio Armani came out with the Armani USA range for the low-income earners, accessories carrying designer labels were strictly for the rich with taste and the not-so-rich that go for what they consider the best.
However, with the prices of top designers hitting the roof, some smart investors have discovered an investment window in running mini boutiques by dealing exclusively in the middle class range of products from Dubai and China.
The business is thriving because more Nigerians are opting for this range of products although some can still afford to put down as much as N30,000 or more for a pair of shoes, while some others in that same class would rather go for fairly used ones from the western world for as much as N6,000 rather than stake just between N2,000 and N4,000 for new shoes from Dubai and China.
The surge has provided an opportunity for those already in the business and salaried low-income earners to set up mini-shops either in their personal houses or through the construction of steel enclosure as shops, where they display such items, which majority of them normally get by depositing as little as N20,000 with the major importers.
The importers bring in the items ranging from clothes, bags, shoes, belts and all manner of accountrements for onward distribution to wholesalers and retailers who can guaranty that they will refund the money after selling the goods.
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