South Africa’s retail malls had a strong year in 2022, staving off a tough economic environment that saw price pressure on consumers and businesses alike.
According to the latest Clur Report, trading density in the country has not only beaten the downturn from the Covid-19 pandemic, but has continued to grow and beat pre-Covid performance.
“Super-regional and regional shopping centres have maintained the highest trading density levels since mid-2018, when the Clur indices were introduced. Smaller centres show a consistent improvement. In 2022, super-regional centres showed the steepest climb in trading density levels,” she said. Small regional and smaller centres grew trading density by 6.9%, on par with inflation, to R35,057/m².
“There’s been a distinct uptick and renewed confidence in apparel, with the segment taking up about a third of new lettings in terms of gross lettable area,” she said. For 2023 and beyond, there are even more projects in the works, with one developer alone planning 14 retail developments,Despite the outperformance in retail trading density in 2022, analysis by banking group FNB is throwing up red flags for the sector.
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