South Africa has more than 2,000 shopping centers and is the 6th country with the largest number of shopping centers in the world
According to the consultancy Urban Studies , South Africa has the largest number of shopping centers in the world after the US, Japan, China, Canada and the UK. In terms of space, the South African malls are spread over 23 million square meters, placing the country in seventh position globally.
A commercial giant
The new shopping center will span 115,000 square meters. Its cost amounts to 5 billion rand, or $ 405 million or 372 million euros. It will house 300 stores, including international brands such as H & M and Forever 21, and local brands such as Foschini Group, Mr Price and Truworths. 90% of the spaces have already been reserved.
The Mall of Africa is situated between Pretoria, the administrative capital of the country, and Johannesburg, the country’s economic capital
The construction of the shopping center has already begun.
The ambitious project is led by real estate funds Attacq Limited (80%) and Atterbury (20%).
These last two are regulars in the sector. Last year they opened the largest shopping center in Namibia for a total cost of 75 million euros. It hosts more than 120 stores.
South Africa has experienced a boom in shopping centers since 1994, the year of the first democratic election in the country
At the time, South Africa had 40 million inhabitants. 76% of the population lived on less than 186 euros per month. There were only 36 shopping centers of over 30,000 square meters.
An industry that created jobs
The shopping center industry employs 600,000 people full time and 500,000 indirect jobs created. The strong growth in this sector is due partly to a burgeoning middle class. In 2004, the middle class had 1.7 million South Africans. 8 years later, it had 4.2 million and their purchasing power had increased by over 30%.