An aerial view of Somerset Mall in the Western Cape. The mall opened the retail portion of its Phase 2 expansion project in November. The food and entertainment element of the Phase 2 project is progressing.
Hyprop Investments, owner of many key South African shopping centers such as Canal Walk, Hyde Park Corner, and Rosebank Mall, is trading well and has brought a range of new store brands to its malls over the past year.
In South Africa, its retail store vacancies are low at an industry-beating 3.3%.
"We are encouraged by the resilience of our portfolios in South Africa and Eastern Europe, which is evident in our latest operational update. Our strategy to focus on high-quality retail centres, optimising our tenant mix, and disciplined capital management is delivering pleasing results," said CEO Morne Wilken.
Tenants’ turnover increased by 5.5% in the group’s SA retail portfolio, while trading density grew by 4.4%. Foot count increased by 2.1%, underscoring a growing appeal of these centres.
