Apr 26, 2016
Listed property group Attacq opens the R5-billion 130 000m² Mall of Africa on Thursday 28 April, hoping to serve an insatiable demand by South Africans for shopping centres.
The mall in Waterfall City, Midrand, offers an extensive array of tenants including many popular international and local brands, but no risks have been taken on unknown African brands. Being called “Mall of Africa”, one would expect an African or new South African brand to feature.
Shops opening in the mall include local staples like Woolworths, Checkers, CNA and Edgars.
The mall was developed by Attacq’s partner, the Atterbury Property Group, and careful planning went into selecting tenants, Cobus van Heerden of Atterbury Property Developments said.
The tenants chosen were considered to be the most commercially viable options, Van Heerden says.
“The aim of leasing was to create a tenant mix that prompted South African retailers to open flagship stores with top offerings, to entice as many as possible international retailers to participate, and to create a unique shopping experience to satisfy the expectations and spending power of the diverse customer base that will visit the mall,” he said.
“The tenant directory today reflects 159 top-class flagship South African national retailers, which make up about 92,684m² of the mall; and 105 international tenants, which account for approximately 30,330m²,” Mr van Heerden said.
The tenant list includes first-time openings for foreign brands French clothing chain The Kooples, the US’s Armani Exchange, Zara Home and outdoor sports group, Helly Hansen.
The mall will also have Coffee group Starbucks’s second store in SA, following the opening of its first branch in Rosebank last week.
Atterbury’s tenant mix is focused on providing entertainment and eating for a diverse customer base.
“Entertainment and eating has been well-covered with the broad spectrum of restaurants, Imax, and Prestige movie houses, ” Van Heerden says.
Other retailers include specialist make-up, accessory, and fashion stores, and a variety of home, sport and service stores, that “truly create a variety that would satisfy the most diverse taste and expectations”.
By locating different types of retailers in strategic positions in Mall of Africa, it meant no customer would frequent only a specific portion of the mall, Van Heerden says.
Meago Asset Management executive director Jay Padayatchi said the market was expecting the Mall of Africa’s tenant spread to be similar to other large higher-end malls.
“I suspect that the tenant spread wouldn’t be dramatically different from Rosebank Mall and Sandton City, except for the high-end tenants at Sandton City like Gucci, Ferragamo and Louis Vuitton,” he said.
One of the mall’s top-end tenants is Versace Collection.
By Alistair Anderson for www.bdlive.co.za