National Retailers Sign-Up as Construction on Maponya Mall Gets Underway

Posted On Friday, 21 April 2006 02:00 Published by Commercial Property News
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Maponya Mall, has proven to be a major draw card for national retailers eager to claim a share of the estimated R4.3 billion Soweto consumer market, as determined by the City of Johannesburg.

Richard MaponyaMaponya Mall, the 65,000m² regional shopping centre for Soweto has proven to be a major draw card for national retailers eager to claim a share of the estimated R4.3 billion Soweto consumer market, as determined by the City of Johannesburg.

Breaking ground eight weeks ago, the mega-shopping mall has secured leases with Woolworths, Edcon Group, Truworths Group, Foschini Group and Pick ‘n Pay, with the latter securing 12,000m² of space for the latest edition Hypermarket concept store, making its Maponya site one of the largest in the country.

Leasing agents, Marriott Property Services have confirmed that the Edcon Group have secured a similar amount of space for key stores such as Edgars, Jet and CNA. Ster Kinekor has also secured a nine screen cinema entertainment complex, believed to be the first of its kind in Soweto.

The centre is being developed and financed by Zenprop Property Holdings, Investec and Richard Maponya, whose vision it was to create the centre. He says, "Maponya Mall is the dream of Soweto, and it’s going to be the heartbeat of Soweto. I believe that it will create a lot of job opportunities, especially for the youth, and make life much more convenient for the people of Soweto. I always believed that the people of Soweto really deserve a centre that they can call their own because they have contributed to the economy of the country making Johannesburg the great city that it is."

Rodney Weinstein, CEO of Zenprop Property Holdings says, "Maponya Mall has the ability to attract and retain a large portion of the estimated R4 billion consumer spend from the township, which is currently flowing into surrounding areas because of the lack of existing retail developments that offer the variety and convenience of a mega-mall."

Formerly referred to as the ‘emerging’ market, the ‘Black Diamond’ sector consists of just 10% of black South Africans, who contribute 43% of total black buying power as defined by the UCT Unilever Institute of Strategic Marketing and Research Surveys.

Realisation of this segment's massive buying power and future potential is what lies behind the creation of this upmarket, aspirational, R500 million shopping mall in Soweto.

This emerging giant is the new focal area for growth driven retailers. Large numbers of residents live in close proximity, with low payments on homes and basic services resulting in a high proportion of disposable income being spent on retail.

Rocketing property prices in the townships reflect their fashionable status. They are the in-place for the brand conscious market to show off their new cars and labels and reflect on their success. They also continue to offer critical community values that often seem lacking in the suburbs, as revealed by this years Black Emerging Market Perceptions (BEMP) study, conducted by fieldwork specialist Mictert Marketing Research.

It is this loyalty to the community and to their culture that drives two-thirds of Black Diamonds to remain in the townships with their new found affluence.

Maponya is a AAA mall where nothing will be spared on the buildings finishes. This aspect will make it one of the top malls in the country in terms of design. The centre will take on a modern design yet timeless design, without reference to any historical style. Rob Bray, director of Bentel Associates International, architects and designers of the project, says,"It is a sculptural form. We are not trying to build for the past; we are building for the future. The interior and exterior of Maponya Mall will surpass any of the existing malls in South Africa today."

Residents of Soweto will no longer have to spend an estimated 11.3% of their income on travelling outside of Soweto to do their shopping. The extensive tenant mix is superlative, and will cater for everything from the everyday grocery needs of all Sowetans to the super luxury brands - giving consumers access to choice within a competitive retail environment that is safe and convenient.

Maponya Mall is a development endorsed by the City of Johannesburg that wants to ensure that more of Sowetan residents’ buying power is retained within Soweto. The formal retail economy will bring underutilised land into the community tax base, and the retail tenants being key investors in the local economy, will bring employment and will offer convenient diversified shopping to residents of Soweto

Maponya Mall is scheduled to open in September 2007.

Last modified on Saturday, 14 September 2013 10:43

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