GETTING TOWNSHIP RETAIL RIGHT - Part 2
Article by Gavin Tagg: CEO of RNS
This article was published on LinkedIn on 15 November 2022.
After the Township Retail Investment Summit held earlier this month, Business Day quoted institutional investors stating that “Township retail makes for a compelling investment with its low vacancies and stable growth.” According to financiers the trading metrics - footfall, positive reversions and increased basket sizes – are good, and make for an attractive sector.*
Meeting the factors for success
This continues to be our experience but, it’s not a given. By this I mean that establishing a trusted presence in the communities we enter, communicating well with them, and relating to the consumer on a number of levels in designing a tenant mix, are all critical factors for success.
There is money to be spent in township malls. There’s also a desire for many of the same brands which can be found in our urban malls. Remember, residents are used to travelling to larger centres, visiting shopping centres there, and browsing for goods on the internet. The youth know what exciting retail is ‘happening’ in the rest of SA and that’s what they want to see in their township centres. Aspirational shopping is a reality, and needs to be taken very seriously.
Keeping a fresh perspective
Drip, Markham, Sportscene, Legends Barbershop, Truworths, Superspar, Boxer, Shoprite, a food court, a children’s play area, free WiFi – this is just a sample of what’s on offer at some of our most recent openings. From outstanding supermarket anchors to trendy sneakers to the latest fashion, as retail strategists we’re continually refreshing our perspective of what innovations are out there.
Our township consumers demand that of us - and we deliver.