Shopping centres are having to make new plans to fill stores that have been left vacant by the effects of the coronavirus on businesses and the empty pockets of retailers’ customers
Amid low economic growth, falling rentals and high vacancies, SA’s mall owners are getting creative about how they use their floor space to ensure steady rental income and increase customer foot count.
Old Mutual Property, which owns 550,000m² of retail space in SA, is one such landlord. After looking at the high vacancy rate in its shopping malls, the company decided it needed to create a pipeline of suitable tenants for the future, says head of retail Sakina Nosarka.