Despite a slowdown in consumer spending across South Africa, Pretoria’s Menlyn Park Shopping Centre is undergoing a R2.5 billion revamp that will make it the largest mall in Africa, unseating Durban’s Gateway Theatre of Shopping.
The ongoing shopping mall developments and others that are still in the planning phase in South Africa are increasingly driving concerns about a saturated retail property market despite consumer spending being in the doldrums.
However, some real estate analysts remain bullish on South Africa’s retail property market.
The R2.5 billion redevelopment of the Menlyn Park Shopping Centre is an ambitious undertaking that has been two years in the making. The revamped shopping center will have 500 stores and floor space of about 170,000 square meters.