New mix works for Mall of Africa
Against the odds, Attacq-owned mall has managed to rake up 11% year-on-year growth in turnover
You could be forgiven for mistaking Mall of Africa as just a carbon copy of the older Sandton City mall about 13km down the road, given their similar tenant mix and luxury store offerings. When the mall was launched two years ago, the fear was that it was opening in a saturated market, with South Africa ranking at number six in terms of the number of shopping malls in the world at the time - behind only the US, Japan, Canada, the UK, and China. Further muddying its prospects was the slowdown in the retail sector, which has remained under pressure for the past few years. Yet against the odds, the Attacq-owned mall has managed to rake up 11% year-on-year growth in turnover. It is growth that has not come without teething issues, though. Michael Clampett, Attacq's head of asset and property management for retail, told Business Times at the group's celebration this week that in the past two years it has had to update its tenant mix, letting a few international brands go. "We did most of...
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