In line with its central objective, this paper has assessed the extent to which retail businesses had satisfied societal product needs in Ikosi Area of Lagos State. The study adopted investigative survey method. Data for analysis were generated through structured questionnaire administered on a sample population of fifty respondents selected from the study area. Questions in the questionnaire related to retail businesses and their efforts at satisfying customers’ product needs, and the extent such needs had actually been met in business relationships between the businesses and their customers within the study area. Purposive sampling technique was used to select sample for the study. The survey instrument contained statements structured to elicit relevant information on retail businesses’ satisfaction of societal product needs in the study area. Responses were collated and analyzed via correlation and regression analysis. The results showed insignificant negative relationship between retail business activities and satisfaction of societal product needs, and that expansion of retail businesses in the area had not significantly improved consumers’ welfare. Further, no line of divide existed between retail business and customers because most operators were also customers to some other retail businesses. Consequently, the study emphasized, among other things, the need for retail businesses in the area to evolve more formal and rudimentary strategic approach in their business relations with the society.