He spoke five months into the new financial year, in a pre-close briefing ahead of the release of the interim results. Trading density at the group’s South Africa retail portfolio had shown positive growth in the 12 months to end September. There were plans to dispose of three non-performing assets. It was a tough market to find suitable buyers.
The Mall of Africa customer return rate was at 58 percent within 30 days, which was a positive indicator that it was being viewed as a regular shopping destination. Rising municipal rates, however, remained a risk in the South African retail portfolio.
There had been a shift of tenants reducing space and reviewing their brands.
The Competition Commission’s recent judgment on exclusivity clauses by anchor tenants at shopping malls was being reviewed, but it was a “big win” for landlords.