More retail space in store
While few, if any, shopping centres are currently being built from scratch, retail landlords continue to expand existing malls in a bid to lure more shoppers.
A new 22,000 m² phase was opened earlier this month at Pietermaritzburg’s Midlands Mall, which is co-owned by Liberty Two Degrees and Liberty Group. The extension, which represents a capital investment of more than R400m, brings the number of stores at the mall above 200 and the gross lettable area to 78,000 m², from 56,000 m².
Hyprop Investments is spending R290m to extend three of its regional malls: Canal Walk in Cape Town, and Johannesburg’s The Glen and Rosebank malls.
Fourways Mall is also undergoing a major redevelopment, which will turn it into one of SA’s largest shopping centres. The mall — Accelerate Property Fund’s flagship asset — will roughly double in size, from about 80,000 m² to 178,000 m², on completion at the end of the year. That will place it in the company of Pretoria’s Menlyn Park which, at more than 170,000 m², is currently SA’s largest mall.