News

Local brands in Attacq’s retail-experience hubs report turnover growth during the festive season

An aerial view of Mall of Africa in Waterfall City.

Attacq Limited’s retail-experience hubs, excluding Brooklyn Mall, performed strongly during the festive season, driven by Black Friday and generating over R3.1 billion in turnover between November and December 2024 versus R2.95 billion in 2023’s comparable period.

The portfolio achieved a total turnover growth of 8.8% in November 2024 and 3.2% in December 2024, building on the turnover growth recorded in October 2024.

The REIT says that retailers across its portfolio experienced a strong November 2024 with extended specials leading up to Black Friday driving significant activity. However, year-on-year growth in December 2024 was more moderate when compared with 2023.

Trading activity in October and November 2024 may have benefitted from the new two-pot retirement system with the ‘Homeware, Furniture, and Interior’ categories performing well, achieving growth of 23.9% and 12.2% respectively. In November 2024, the ‘Apparel’ category grew by 11.8%.

We are encouraged by the turnover growth in local brands within our portfolio including Beauty on Tap, ERA by Zinhle, Galxboy, and Van Rensburg Foods,” says Attacq. “This reinforces our strategy of providing physical customer access to popular local retailers.”

Total foot count across the Company’s retail-experience hubs increased by 4.5% year-on-year in November 2024 but declined slightly by 0.9% in December 2024. Mall of Africa recorded 96 582 shopper visits on the 14th of December 2024 compared to 105 234 visits on Black Friday and Saturday 2024.