South Africa has the sixth highest number of shopping centres per capita worldwide and total retail space is said to be at 24 million square metres with 34 new centres opened in 2018 and 16 more expected to be opened in 2019.
While SA is not badly affected, shopping centres around the globe are seeing lower foot traffic and turnover has declined.
Azania Mosaka spoke to Keillen Ndlovu at Stanlib to discuss retail space in the country and how it can begin to adapt to market trends.
The biggest threat is competition, we have got lots of malls per capita in a weakening environment and there is still more to come. So a key thing for malls to differentiate themselves is to find innovative ways to stand out and embrace technology.— Keillen Ndlovu, Head of Listed Property at Stanlib
The biggest concern for most shoppers is finding parking, so mall owners in the developed market space have made it easier where they get an app for you where it tells you where to park and where parking is available.— Keillen Ndlovu, Head of Listed Property at Stanlib
Once you inside the mall, you end up having to walk a kilometer to find the store you are looking for. Now you can download an app that will give you directions to the store you are looking for.— Keillen Ndlovu, Head of Listed Property at Stanlib
Click on the link below to listen to the full conversation...