The effect of credit facilities on retail business growth: A case study of shopping malls in Jigawa State
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Background of the Study
Credit facilities have become a significant tool in driving retail business growth, particularly in developing economies where access to immediate funds may be limited. By offering credit, retail businesses can increase sales by allowing customers to purchase goods and services that they may not be able to afford outright. Retailers, especially shopping malls, often offer credit options through partnerships with banks or in-house financing programs to make high-ticket items more accessible (Ahmed, 2024). In Jigawa State, shopping malls are increasingly incorporating credit facilities as a means to cater to the growing demand for consumer goods.
Credit facilities can have a profound effect on retail business growth, as they attract a broader range of customers, including those who may not have immediate cash to make purchases. However, the success of these credit programs depends on several factors, including the terms of credit, the repayment rate, and the financial literacy of the customers. Despite the widespread use of credit in retail businesses, there is limited research on the specific effects of credit facilities on the growth of shopping malls in Jigawa State. This study will explore how credit facilities influence retail business growth in the state, providing valuable insights into how malls can optimize their credit offerings to foster growth.
Statement of the Problem
While credit facilities have the potential to stimulate retail business growth, the impact on shopping malls in Jigawa State is not well understood. Malls offering credit facilities may face challenges such as high default rates, late payments, and financial mismanagement. Additionally, there is a lack of empirical data on the relationship between credit facilities and the overall growth of shopping malls in Jigawa State. This study aims to investigate the effect of credit facilities on the growth of retail businesses, specifically shopping malls, in the region.
Objectives of the Study
- To evaluate the effect of credit facilities on the growth of shopping malls in Jigawa State.
- To assess the factors that influence the effectiveness of credit facilities in promoting retail business growth.
- To examine the relationship between customer repayment behavior and the growth of shopping malls in Jigawa State.
Research Questions
- How do credit facilities affect the growth of shopping malls in Jigawa State?
- What factors influence the success of credit facilities in promoting retail business growth in shopping malls?
- How does customer repayment behavior impact the effectiveness of credit facilities in shopping malls?
Research Hypotheses
- Credit facilities significantly contribute to the growth of shopping malls in Jigawa State.
- Factors such as the terms of credit, customer financial literacy, and repayment behavior significantly influence the success of credit facilities in retail business growth.
- Positive customer repayment behavior leads to greater effectiveness of credit facilities in promoting shopping mall growth.
Scope and Limitations of the Study
This study will focus on shopping malls in Jigawa State, Nigeria, and will explore the impact of credit facilities on retail business growth in this specific context. The study will not address other retail types, such as smaller stores or online businesses. Limitations include potential biases in customer responses and challenges in quantifying the long-term impact of credit facilities on business growth.
Definitions of Terms
- Credit Facilities: Financial products that allow customers to purchase goods or services on credit, with the option to pay in installments over time.
- Retail Business Growth: The increase in sales, customer base, and profitability of a retail business over time.
- Shopping Malls: Large retail complexes that house a variety of stores and service providers, often including entertainment and dining options.
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