Sales per square metre in shopping centres – from large super regional malls to neighbourhood ‘locals’ – continued to grow in March, according to the Clur Report of SA Retail Property. The report is an industry barometer tracking performance at more than two million square metres of retail space in South Africa and Namibia.
“The favourable upward trend seen since September in annualised trading densities has continued and has now broken through zero on a nominal basis,” says Belinda Clur, Managing Director of Clur Research International, whose company reports benchmarks and other key trading indicators to listed and unlisted property funds.
She says the key consolidated Clur benchmark for subscribing South African shopping centres showed annualized trading density for March of R33 280 per square metre, representing year on year growth of 1.8%. The respective February figures were R33 035 per square metre and 0.4%. This represents a consistent improvement on the -1.7% level reported in September 2017.
The March Clur benchmark for annualised trading density at super regional and regional centres showed year on year growth of 1.2% to R35 332 per square metre. That compared with the February benchmarks of R35 057 per square metre and -0.5%.
At small regional, community and neighbourhood centres, the Clur benchmark for annualised trading density in March was R28 737 per square metre. That meant year-on-year growth of 3%, better than the 2.3% and R28 558 per square metre reported for February.
Overall turnover across the monitored properties grew 7.1% in March 2018 against March 2017, and were up 3.3% over the 12-month rolling period to March 2018.