The recent opening of Mall of Africa was the most successful opening that we could wish to have. We had double the anticipated number of people and retailers are extremely satisfied with a number of them reporting record sales for an opening. The spend has been directly related to the record number of visitors – it was not merely curiosity seekers, but customers taking advantage of specials. What is even better is the foot count remained high for the ensuing period after the opening.
My personal opinion is the overwhelming support for Mall of Africa is due to the fact that it is regarded as “everybody’s mall”. It carries no history and we have a wide range of support all over Gauteng. I see the mall retaining its opening success and it will maintain its status as the best mall in Africa over the long term.
How did we accomplish this?
Over the past 22 years we have developed around 21 shopping malls. The development process evolves and we try and improve the product and the way we put it together with every one. Mall of Africa is truly a significant accomplishment as we could draw on 22 years of experience.
It started with the assembly of the best professional team we were able to put together to execute a project of this nature. It was truly a collective effort with the Atterbury team.
Where to from here?
We are busy with a number of other exciting projects. We recently purchased the Erasmus land in Pretoria and it is set to become Pretoria’s mini-Waterfall. A master plan for a large mixed-use scheme is in the process of development. We will be developing around 200 000 to 300 000sqm of buildings in the foreseeable future. During the first phase the retail component will be developed, followed by commercial and residential developments.
At the same time we are getting good movement on the Richmond Park land in Cape Town where we will also be developing 200 000 to 300 000sqm. Approval of the first few leases will enable us to start construction very soon.
IN addition, there are a few new projects in Johannesburg, including a mixed-use development similar to what is planned for the Erasmus land in Pretoria.
We also have a few industrial projects on the cards. Together with Old Mutual we will be developing an industrial park called Old Mint Industrial next to the mint on the N1 between Johannesburg and Pretoria.
Then there is the Rand Park industrial development on the N3 near Germiston, where we are ready to break ground on another 100 000sqm of industrial land.
Further afield we have our new retail portfolios in Cyprus and Serbia and there are other greenfield developments on the cards in Europe. A lot to be excited about and a lot to keep the team busy… here as well as in Europe!
