RETAIL PORTFOLIO
Mall of Africa has great start but offshore disappoints Attacq
The Midrand mega-mall — Attacq’s single largest asset— has lured an average 1.1-million shoppers a month
The R5.1bn Mall of Africa, Attacq’s single largest asset, has exceeded trading expectations in its first eight months despite what seems to be a waning appetite for retail therapy among consumers in general. The mega-mall at Waterfall City in Midrand has lured an average 1.1-million shoppers per month since the much-anticipated opening of its doors at the end of April 2016. Speaking after Tuesday’s release of the company’s interim results for the six months to December, Attacq CEO Morné Wilken said Mall of Africa achieved an average trading density (turnover per square metre) of R2,777m² per month from May to December. “That is comfortably ahead of the average R2,000m² per month that most new malls typically achieve in the first year or two of operation and close to the R3,137m² per month achieved by a well-established, upmarket shopping centre such as Brooklyn Mall in Pretoria.” At 131,000m², Mall of Africa is the largest shopping centre to be built from scratch in a single phase. ...
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