Mall of Africa makes over 61 Million Rand monthly

Mall of Africa Generates Over R61 Million Monthly

South Africa’s busiest mall, Mall of Africa, is thriving, generating over R61 million in gross monthly rental (GMR). This was revealed in the latest results from its owner, Attacq, which also owns properties like Lynnwood Bridge and the Garden Route Mall.

Attacq’s results for the financial year ending in June 2024 highlight the strong performance of Mall of Africa, underscoring its success in a challenging retail landscape. Similarly, Growthpoint Properties reported strong results for Cape Town’s V&A Waterfront, with distributable income increasing by 12.6% to R775 million.

However, the success of these flagship properties contrasts with the struggles faced by other malls in the country. Brooklyn Mall has seen its vacancy rate surge from 3.6% in 2019 to 18.7% in 2024, and Fourways Mall, South Africa’s largest mall, is also grappling with difficulties.

While some malls face declining occupancy, the strong performance of key retail centers like Mall of Africa and V&A Waterfront highlights the uneven recovery in South Africa’s retail sector.

Youth Skills: A Catalyst for Economic Growth and Innovation in the Retail Industry

In South Africa, where youth unemployment has reached a staggering 45.5%, developing youth skills must remain a top priority for the country’s progress. This highlights the critical role that skills development plays in shaping the future of young people, especially in sectors that drive economic growth.