South African township malls thrive over holiday season- Vukile

JOHANNESBURG (Reuters) - Shopping malls in rural areas and towns in South Africa have seen an increase in visitors over the Black Friday weekend and in the run-up to Christmas, despite widespread power outages, Vokel real estate fund (VKEJ) said. j) said on Wednesday.

This continues their recent outperformance as retailers race to increase market share in lower-income areas.

And the Black Friday discount event drew 18% more people to Vukile’s portfolio of South African malls in 2022 than the previous year, with footfall up 15% over the Black Friday weekend as a whole.

Number of shoppers increased by 10% in November, with footfall increasing by 13% in rural malls, 9% in town centres, 10% in commuting centers and 11% in urban malls.

Vucelle said the momentum continued into December, with total visitor numbers up 8%.

Last month, larger competitor Redefine Properties (RDFJ.J), which operates larger urban malls, said total footfall was 94% of pre-COVID levels, with 2% growth in 2022, while sales across its portfolio were retail higher than before. COVID levels.

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However, Redefinition cautioned that this does not mean the economy is out of danger as a rising cost of living squeezes disposable income, while blackouts and energy costs dampen prospects.

Soaring food and fuel prices have affected low- and middle-income shoppers the most, as evidenced by recent holiday light sales at budget clothing retailers Mr. Price (MRPJ.J) and Pepkor (PPHJ.J).

Reporting by Nicobil Dludla, Editing by Mark Potter

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