By the end of 2017 retail sales in South Africa reached the R1 trillion mark for a calendar year. Online shopping increased to 1.8% of total retail spend up, from 1.2% in 2016. This increase in total spend online represents an increase of 22% year-on-year since 2016, or an extra R8 billion.
During 2017 the retail sales figures in South Africa for the first time exceeded R1 trillion. Based on current values, retail sales increased from R939 billion in 2016 to just over R1 trillion in 2017.
It is an interesting time for retail property in South Africa at the moment, with a number of challenges facing shopping centre owners and developers. Yet with certain opportunities still present in the market. Dr Dirk Prinsloo, MD of specialist research firm Urban Studies, highlights a few of these for Shopping SA.
One of the most asked questions at this point in time is: “How saturated is the retail shopping industry in South Africa and what new opportunities still exist?”
South Africa’s commercial property industry is facing a number of challenges – yet it is also an extremely innovative industry full of people with great ideas and entrepreneurial spirit who continually find ways to counter new challenges.
Dr Dirk Prinsloo, MD of specialist research firm Urban Studies, was this year’s recipient of the South African Council of Shopping Centres’ Lifetime Achievement Award. The award is presented to professionals in the retail property industry who have made a significant contribution to the industry and who are considered to have built a legacy for the next generation.
JHI has partnered with leading property research company Urban Studies, to produce its first Africa Property Report. The publication covers property markets in Angola, Botswana, The Democratic Republic of Congo, Ghana, Kenya, Mozambique, Namibia, Nigeria, South Africa, Tanzania, Zambia, and Zimbabwe.