{"id":788087,"date":"2024-08-26T08:12:13","date_gmt":"2024-08-26T06:12:13","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=788087"},"modified":"2024-08-26T08:12:18","modified_gmt":"2024-08-26T06:12:18","slug":"new-mall-coming-to-south-africa-later-this-year","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/788087\/new-mall-coming-to-south-africa-later-this-year\/","title":{"rendered":"New mall coming to South Africa later this year"},"content":{"rendered":"\n

Princess Mkabayi Mall in Vryheid, KwaZulu-Natal, is set to open on 31 October 2024. <\/p>\n\n\n\n

According to the Moolman Group<\/a>, the 30,000 sqm mall is over 90% let. <\/p>\n\n\n\n

It is set to be the largest consolidated retail offering in an area covering almost 100 kilometres and will form part of a much larger mixed-use development. <\/p>\n\n\n\n

The mall is situated on an ‘easily accessible’ 23-ha site and will be anchored by Shoprite, Checkers, Dis-Chem, and Woolworths, with a food offering and Clicks. Other retailers include Mugg & Bean, Cape Union Mart, Old Khaki, Crazy Plastics, and Crazy Pets.<\/p>\n\n\n\n

“Among the mall\u2019s many highlights is its considered interior, which has various artistic touchpoints and thoughtful details that create an excellent overall experience,” said the Moolman Group.<\/p>\n\n\n\n

“Shoppers at Princess Mkabayi Mall will be able to enjoy free Wi-Fi, charging stations, workstations, and comfortable seating. The mall will include a large entertainment space and play area for children, a central meeting area, and eateries for all tastes.” <\/p>\n\n\n\n

The mall is set to be solar-powered and equipped with backup power to ensure a reliable electricity supply. <\/p>\n\n\n\n

It will also include a water plant from which water will be used in the garden irrigation system and other related functions.<\/p>\n\n\n\n

Recent construction photos of the mall and renderings can be found below: <\/p>\n\n\n

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Source: LinkedIn<\/figcaption><\/figure><\/div>\n\n
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Source: LinkedIn<\/figcaption><\/figure><\/div>\n\n
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Source: Moolman Group <\/figcaption><\/figure><\/div>\n\n
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Source: Moolman Group <\/figcaption><\/figure><\/div>\n\n
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Source: Moolman Group <\/figcaption><\/figure><\/div>\n\n
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Source: Moolman Group <\/figcaption><\/figure><\/div>\n\n
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Source: Moolman Group <\/figcaption><\/figure><\/div>\n\n\n

The Princess Mkabayi Mall is another example of the recent push into rural retail development. <\/p>\n\n\n\n

With South Africa’s urban areas, particularly Gauteng, facing an oversupply of retail space, many developers are now moving into more remote parts of the country. <\/p>\n\n\n\n

For example, McCormick Property Development<\/a> will open the Madombidzha Mall in September 2024. <\/p>\n\n\n\n

The 9,200 sqm centre is located close to Louis Trichardt\u00a0(Makado) in the Northern part of Limpopo.<\/p>\n\n\n\n

Many smaller shopping centres (roughly 10,000 sqm) opened in rural areas in 2022 and 2023, allowing access to a formalised, centralised shopping experience. The Princess Mkabayi Mall’s 30,000 sqm is comparatively large for a rural retail centre. <\/p>\n\n\n\n

Although there has been a push into rural retail in South Africa, many low-income consumers have been impacted by the weak economic environment, which is characterised by elevated inflation, 15-year high interest rates, and load shedding.<\/p>\n\n\n\n

Year-to-date retail sales in 2024 are up 0.9% compared to the same period in 2023, with June seeing a jump of 4.1% in June. <\/p>\n\n\n\n

\u201cData suggests that these (year-to-date) gains have all come from the last three months \u2013 which coincides with load shedding cessation since March, a substantial petrol price cut in June, as well as the post-election improvement in sentiment,\u201d said FNB Senior Economist Siphamandla Mkhwanazi.<\/p>\n\n\n\n

Nevertheless, Mkhwanazi stressed that the broader consumer environment will continue to be strained due to high living costs, unemployment, and tight credit conditions.<\/p>\n\n\n\n

\u201cThe upcoming two-pot pension system is expected to have a limited impact on consumer spending, given concerns about rising debt distress,\u201d warned Mkhwanazi.<\/p>\n\n\n\n

\u201cHowever, there is potential for an improved consumer backdrop in the medium term as inflation eases and interest rates gradually decline.\u201d<\/p>\n\n\n\n

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Read<\/strong>: Turn coming for property in South Africa: Standard Bank<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Moolman Group will open a new 30,000 sqm mall in KZN in late October, adding to the growing trend of rural retail in South Africa. <\/p>\n","protected":false},"author":95,"featured_media":788101,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26],"class_list":["post-788087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/788087","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=788087"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/788087\/revisions"}],"predecessor-version":[{"id":788181,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/788087\/revisions\/788181"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/788101"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=788087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=788087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=788087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}