{"id":755015,"date":"2024-02-26T12:36:10","date_gmt":"2024-02-26T10:36:10","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=755015"},"modified":"2024-02-26T12:36:15","modified_gmt":"2024-02-26T10:36:15","slug":"south-africans-still-love-big-shopping-malls","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/755015\/south-africans-still-love-big-shopping-malls\/","title":{"rendered":"South Africans still love big shopping malls"},"content":{"rendered":"\n<p>Major shopping malls in South Africa are seeing growth despite the challenging economic environment. <\/p>\n\n\n\n<p>This is according to the Clur Shopping Index derived from the Clur Report, which tracks the performance of 4 million sqm of prime retail space in South Africa and Namibia for listed and unlisted property funds. <\/p>\n\n\n\n<p>After the sharp 2021 recovery and 2022 growth surge, the Clur All Centres Index saw a steady contraction in 2023, outperforming CPI up until November 2023.  <\/p>\n\n\n\n<p>The full-year index for All centres closed at 4.9% y\/y growth, underperforming CPI, which averaged 6.0% in 2023, by 1.1%. <\/p>\n\n\n\n<p>However, larger centres, which saw the largest drop during the 2020\/21 downturn, continued to lead growth in spite of a drop-off relative to 2022 levels. <\/p>\n\n\n\n<p>This was especially the case for Super Regional Centres, which came in at 6.2% &#8211; the only segment to beat CPI. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"UDDXNhuIYe\"><a href=\"https:\/\/businesstech.co.za\/news\/property\/752315\/new-r1-4-billion-shopping-mall-for-south-africa-starts-taking-shape\/\">New R1.4 billion shopping mall for South Africa starts taking shape<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;New R1.4 billion shopping mall for South Africa starts taking shape&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/property\/752315\/new-r1-4-billion-shopping-mall-for-south-africa-starts-taking-shape\/embed\/#?secret=yrkL7zRoOr#?secret=UDDXNhuIYe\" data-secret=\"UDDXNhuIYe\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Smaller centres, which displayed a stronger growth trend during the pandemic-led downturn, showed a softer contraction over the year. <\/p>\n\n\n\n<p>That said, small regional centres significantly underperformed CPI, with growth of only 3.1% over 2022. <\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"table-responsive\"><table class=\"table\"><tbody><tr><td><strong>Centre <\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Growth vs 2019<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Growth vs 2022<\/strong><\/td><\/tr><tr><td>Super Regional<\/td><td class=\"has-text-align-center\" data-align=\"center\">24.6%<\/td><td class=\"has-text-align-center\" data-align=\"center\">6.2%<\/td><\/tr><tr><td>Regional<\/td><td class=\"has-text-align-center\" data-align=\"center\">11.3%<\/td><td class=\"has-text-align-center\" data-align=\"center\">4.4%<\/td><\/tr><tr><td>Small Regional<\/td><td class=\"has-text-align-center\" data-align=\"center\">13.6%<\/td><td class=\"has-text-align-center\" data-align=\"center\">3.1%<\/td><\/tr><tr><td>All Centres<\/td><td class=\"has-text-align-center\" data-align=\"center\">18.2%<\/td><td class=\"has-text-align-center\" data-align=\"center\">4.9%<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p>Larger centres have also maintained the highest annualised trading density levels, increasing from R39,032 per sqm in 2019 to R48,628 per sqm in 2023 for super-regional centres. <\/p>\n\n\n\n<p>This was the steepest climb recorded despite the harsh economic and social headwinds facing the country. <\/p>\n\n\n\n<p>Small regional centres have, however, shown improvement, increasing from R28,305 per sqm in 2019 to R32,158 per sqm in 2023.<\/p>\n\n\n\n<p>Overall, All centres have shown an increase from R34,613 per sqm to R40,899 per sqm. <\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"table-responsive\"><table class=\"table\"><tbody><tr><td><strong>Centre <\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Annualised Trading Density 2019<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Annualised Trading Density 2023<\/strong><\/td><\/tr><tr><td>Super Regional<\/td><td class=\"has-text-align-center\" data-align=\"center\">R39 032<\/td><td class=\"has-text-align-center\" data-align=\"center\">R48 628<\/td><\/tr><tr><td>Regional<\/td><td class=\"has-text-align-center\" data-align=\"center\">R34 166<\/td><td class=\"has-text-align-center\" data-align=\"center\">R38 022<\/td><\/tr><tr><td>Small Regional<\/td><td class=\"has-text-align-center\" data-align=\"center\">R28 305<\/td><td class=\"has-text-align-center\" data-align=\"center\">R32 158<\/td><\/tr><tr><td>All Centres<\/td><td class=\"has-text-align-center\" data-align=\"center\">R34 613<\/td><td class=\"has-text-align-center\" data-align=\"center\">R40 899<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/businesstech.co.za\/news\/property\/750480\/sale-of-one-of-south-africas-biggest-shopping-malls-gets-the-go-ahead\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sale of one of South Africa\u2019s biggest shopping malls gets the go-ahead<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite the difficult operating environment, large-scale shopping centres continue to perform well. <\/p>\n","protected":false},"author":95,"featured_media":755061,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[17813,26],"class_list":["post-755015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-clur","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/755015","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\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=755015"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/755015\/revisions"}],"predecessor-version":[{"id":755083,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/755015\/revisions\/755083"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/755061"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=755015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=755015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=755015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}