{"id":143586,"date":"2016-11-17T19:00:02","date_gmt":"2016-11-17T17:00:02","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=143586"},"modified":"2016-11-17T17:39:55","modified_gmt":"2016-11-17T15:39:55","slug":"these-are-the-most-expensive-shopping-centres-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/143586\/these-are-the-most-expensive-shopping-centres-in-south-africa\/","title":{"rendered":"These are the most expensive shopping centres in South Africa"},"content":{"rendered":"

Sandton City has overtaken Cape Town’s V&A Waterfront as the most expensive shopping space per square metre<\/span> in South Africa.<\/span><\/p>\n

The 28th edition of Cushman & Wakefield\u2019s report: Main Streets Across The World, analyzed 462 top shopping streets in the world and ranked the most expensive locations in each country by their prime rental value.<\/p>\n

New York\u2019s Fifth Avenue, Paris\u2019 Avenue des Champs-Elysees and Hong Kong\u2019s Causeway Bay have held their top three positions in 2016.<\/p>\n

Space along Fifth Avenue, which is lined with flagship stores, costs as much as $3,000 per square feet annually, or for European purposes – \u20ac29,065 per square metre.<\/p>\n

Retailers in Causeway Bay pay up to $2,878 per square foot annually – \u20ac27,884, while\u00a0 along Paris’ Avenue des Champs Elysees, the average annual rent is $1,368 per square foot –\u00a0 \u20ac13,255.<\/p>\n

In South Africa, Sandton City in Joburg to the most expensive retail area at \u20ac1,106 – R16,917 per square metre. Joburg’s primary shopping spot is rated as the 38th most expensive in the world, up one place from 2015.<\/p>\n

According to Cushman & Wakefield\u2019s report, monthly rent per square metre in Sandton City amounts to R1,500, while the V&A Waterfront costs R1,300, and Eastgate in the East Rand costs R1,000 per square metre per month.<\/p>\n

South Africa\u2019s richest retail areas<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
#<\/th>\nStreet<\/th>\nCity<\/th>\nZAR\/sq m\/year<\/th>\n<\/tr>\n
1<\/strong><\/td>\nSandton City<\/td>\nJohannesburg<\/td>\n\u20ac1,106 \u2013 R16,863
\n<\/strong><\/td>\n<\/tr>\n
2<\/strong><\/td>\nV&A Waterfront<\/td>\nCape Town<\/td>\n\u20ac959 \u2013 R14,621
\n<\/strong><\/td>\n<\/tr>\n
3<\/strong><\/td>\nEastgate<\/td>\nEast Rand<\/td>\n\u20ac738 \u2013 R11,249
\n<\/strong><\/td>\n<\/tr>\n
4<\/strong><\/td>\nMenlyn Park<\/td>\nPretoria<\/td>\n\u20ac369 \u2013 R5,626
\n<\/strong><\/td>\n<\/tr>\n
5<\/strong><\/td>\nThe Pavillion<\/td>\nWestville<\/td>\n\u20ac369 \u2013 R5,626
\n<\/strong><\/td>\n<\/tr>\n
6<\/strong><\/td>\nUmhlanga<\/td>\nDurban North<\/td>\n\u20ac221 \u2013 R3,369
\n<\/strong><\/td>\n<\/tr>\n
7<\/strong><\/td>\nWest Street<\/td>\nDurban<\/td>\n\u20ac199 \u2013 R3,034
\n<\/strong><\/td>\n<\/tr>\n
8<\/strong><\/td>\nCBD<\/td>\nPietermaritzburg<\/td>\n\u20ac148 \u2013 R2,256
\n<\/strong><\/td>\n<\/tr>\n
8<\/strong><\/td>\nSt. Georges Mall<\/td>\nCape Town<\/td>\n\u20ac111 \u2013 R1,692
\n<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

As consumer demands for immediate gratification intensify further, in an already competitive retail environment, brands must ensure they can meet these multi-channel needs, said\u00a0Cushman & Wakefield.<\/p>\n

“They need to provide a platform that services the traditional bricks and mortar consumers, and those who want to view and purchase at the click of a button, as well as everything in between.”<\/p>\n

The report noted that real estate owners are actively responding, although at varying speeds, to these ever changing needs by broadening their tenant mix, increasing the share of Food & Beverage operators, and\/or adding leisure elements.<\/p>\n

Technology also features highly, feeding into the experience, but crucially also gives an insight into the evolving habits of consumers, it said.<\/p>\n

Top 10 richest retail streets in the world<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
#<\/th>\nStreet<\/th>\nCity<\/th>\nft\/m per year<\/th>\n<\/tr>\n
1<\/strong><\/td>\nFifth Avenue<\/td>\nNew York<\/td>\n$3,000 – \u20ac29,065
\n<\/strong><\/td>\n<\/tr>\n
2<\/strong><\/td>\nCauseway Bay<\/td>\nHong Kong<\/td>\n$2,878 – \u20ac27,884
\n<\/strong><\/td>\n<\/tr>\n
3<\/strong><\/td>\nAvenue des Champs \u00c9lys\u00e9es<\/td>\nParis<\/td>\n$1,368 – \u20ac13,255
\n<\/strong><\/td>\n<\/tr>\n
4<\/strong><\/td>\nNew Bond Street<\/td>\nLondon<\/td>\n$1,283 – \u20ac12,433
\n<\/strong><\/td>\n<\/tr>\n
5<\/strong><\/td>\n\u00a0The Ginza<\/td>\nTokyo<\/td>\n$1,249 – \u20ac12,102
\n<\/strong><\/td>\n<\/tr>\n
6<\/strong><\/td>\nVia Montenapoleone<\/td>\nMilan<\/td>\n$1,239 – \u20ac12,000
\n<\/strong><\/td>\n<\/tr>\n
7<\/strong><\/td>\nPitt Street Mall<\/td>\nSydney<\/td>\n$968 – \u20ac9,383
\n<\/strong><\/td>\n<\/tr>\n
8<\/strong><\/td>\nMyeongdong<\/td>\nSeoul<\/td>\n$908 – \u20ac8,793
\n<\/strong><\/td>\n<\/tr>\n
9<\/strong><\/td>\nBahnhofstrasse<\/td>\nZurich<\/td>\n$868 – \u20ac8,408
\n<\/strong><\/td>\n<\/tr>\n
10<\/strong><\/td>\nKohlmarket<\/td>\nVienna<\/td>\n$477 – \u20ac4,620
\n<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

More on wealth<\/h3>\n

Most expensive shopping centres in South Africa vs the world<\/strong><\/a><\/p>\n

This is the richest per-square-metre real estate in South Africa<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Sandton City has overtaken Cape Town’s V&A Waterfront as the most expensive shopping space per square metre in South Africa.<\/p>\n","protected":false},"author":10,"featured_media":143602,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[26],"class_list":["post-143586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/143586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=143586"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/143586\/revisions"}],"predecessor-version":[{"id":143614,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/143586\/revisions\/143614"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/143602"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=143586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=143586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=143586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}