Attacq, the property group behind iconic retail hubs such as Mall of Africa and Mooirivier Mall, has announced impressive turnover growth across its retail portfolio in the final months of 2024.

The company’s retail-experience hubs achieved an 8.8% year-on-year turnover growth in November 2024 and a 3.2% increase in December 2024, building on the successful growth recorded in October 2024.

Attacq owns Mall of Africa, Mooirivier Mall, Eikestad Mall, Glenfair Boulevard, Lynwood Bridge and Waterfall Corner.

Strong retail performance driven by Black Friday and local brands

Retailers within Attacq’s portfolio experienced a robust November 2024, with extended specials leading up to Black Friday driving significant consumer activity.

The ‘Homeware, Furniture, and Interior’ category stood out, achieving remarkable growth of 23.9% in October and 12.2% in November.

The Apparel category also performed well, growing by 11.8% in November.

The company attributes part of this success to the new two-pot retirement system, which may have provided consumers with additional disposable income.

Additionally, local brands within Attacq’s portfolio, such as Beauty on Tap, ERA by Zinhle, Galxboy, and Van Rensburg Foods, contributed significantly to the turnover growth. This aligns with Attacq’s strategy of offering physical retail spaces that cater to popular local retailers, enhancing the overall customer experience.

Moderate December growth due to calendar differences

While December 2024 saw a more moderate year-on-year growth of 3.2%, this was largely influenced by calendar differences. December 2024 had only four weekends compared to five in December 2023, with 30 November 2024 falling on a Saturday and 1 December 2024 on a Sunday. Despite this, trading activity remained resilient, showcasing the strength of Attacq’s retail hubs.

Footcount trends reflect seasonal shopping patterns

Footcount across Attacq’s retail portfolio increased by 4.5% year-on-year in November 2024, driven by Black Friday shopping activity. However, December 2024 saw a slight decline of 0.9% in footcount. Notably, Mall of Africa recorded 96,582 shopper visits on Saturday, 14 December 2024, compared to 105,324 visits on Black Friday Saturday, 30 November 2024.

Looking ahead

Attacq remains optimistic about the performance of its retail-experience hubs, which continue to attract shoppers and deliver strong financial results. The company’s focus on integrating popular local brands and creating engaging retail environments has proven successful, positioning it well for future growth.

Attacq’s Waterfall City. Picture: Supplied

“The Covid-19 pandemic has deeply affected how we use space and our expectations of it. As stakeholders across the real estate value chain look to the future, there is a growing acknowledgment that buildings must be liveable, sustainable, resilient and affordable. To deliver on that vision, digital tools are essential.”

This is how the World Economic Forum (WEF) describes changes affecting the real estate investment industry in its latest report, Driving Digitalisation: Value Creation for Commercial Real Estate.

Armed with this knowledge, I attended a virtual earnings presentation this week by Attacq, the owner of Mall of Africa, Waterfall City, Garden Route Mall and the Cell C Campus.

I asked Attacq executives how the JSE-listed landlord was using tech to reinvent the shopping experience at malls, and at what cost.

“The internal attitude towards technology and the spend on digital and tech has certainly been positive over the past two years,” said Attacq’s asset and property management executive, Michael Clampett. “The IT budget is infinite … the amount that goes to that expense item has increased in line with our ambition.”

In 2021, Attacq launched the SHôPING app to enrich the retail customer experience at Mall of Africa. The app combines the physical and digital to create tailored shopper experiences with tangible value-adds, giving the user the best of both worlds. Attacq has seen a steady increase in the rand value of vouchers bought and redeemed. It has also seen the number of participating retailers at Mall of Africa rise as its loyalty programme gains momentum.

“The SHôPING app will be rolled out at all of our retail-experience hubs in phases and will significantly improve our shopper experience and omnichannel integration,” said Clampett.