Retail Property The malls have fears
Where’s it all happening these days, eh? Do you have to ask? Elokshini, that’s where, where retail developments aimed at the poorer punter are the star performers in property portfolios that once lionised the marbled vaults of their more suburban counterparts. This performance is driven in no small measure by their almost inevitable location adjacent to commuter hubs, and to the government grants which keep even the poorest South Africans shopping. Vukile’s Daveyton Mall, for example, is running at a trading density of R28k/m2 annually, comparing favourably with upmarket malls which trade in the R20,000-R30,000 bracket. Their Dobsonville Mall serving LSM 4–6, brings in 958,000 visitors a month, with a trading density of R27,900/m2 a year, or 12% up from last year.
Comment: Across the spectrum, retail tells the story that all is not lost with Sam, economically or socially.