South Africa’s biggest shopping mall is undergoing yet another multi-million-rand upgrade in the hopes of turning its fortunes around, and bringing shoppers back to its stores.
South Africa’s biggest shopping mall—Fourways Mall—is getting a R400 million upgrade in a bid to turn it around and recover from a significant downturn over the past few years.
Among these revaluations, Fourways Mall lost significant value. Accelerate’s 50% share of the property declined from R4.8 billion to R3.9 billion between 2020 and 2024, taking the mall’s total value down to R7.8 billion from R9.6 billion before. Despite the size boost, it continued to struggle with a high number of empty shops. Fourways Mall’s vacancy rate increased from 3% to 8% from 2021 to 2023.
The fund recently appointed Flanagan and Gerard and the Moolman Group to execute a six-month strategy to achieve this.that the upgrade and management shift was a dynamic and multi-faceted project, which includes a “tidying up” process, phsycical developments as well as a customer experience overhaul.
For the mall itself, though, the focus is on creating speciality nodes—like entertainment, lifestyle and shopping—and adjusting the retail mix, bringing in aspirational brands and making the mall an exciting place for shoppers to want to visit.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The woman running the biggest bank in South Africa – now worth over R400 billionFirstRand has a new CEO who has big plans to expand into the rest of the continent despite having a positive outlook for South Africa.
Read more »
South Africa: Cold Fronts Bring Wind, Rain and Snow to South Africa - South African News BriefsWarnings as Cold Fronts Batter South Africa
Read more »
South Africa: Poor South African Households Can't Afford Nutritious FoodAnalysis - Food insecurity is a feature of life for millions of South Africans. Food insecurity refers to a lack of regular access to enough safe and nutritious food for average growth and development and an active and healthy life. This may be due to unavailability of food or a lack of resources to buy it.
Read more »
Drinking and driving in South Africa – what insured South Africans need to knowThe Ombudsman for Short-Term Insurance examines a case where someone submitted a claim following an accident – admitting they had been drinking earlier that day.
Read more »
South Africa: Cyril Ramaphosa's Speech to Parliament Listed South Africa's Old ProblemsAnalysis - South African President Cyril Ramaphosa's opening of parliament speech successfully captured the spirit of a diverse and cohesive multi-party government ready to get down to work. But it failed to tell South Africans how the new dispensation will do things differently, and better.
Read more »
South African mobility platform Lula, acquire’s UK based Zeelo’s South Africa operationSouth Africa Today, News source, provides breaking news on South Africa, world, Africa, sport, travel and more.
Read more »