Fourways Mall saw a 9.5% increase in total spend during the festive season, driven by strong leasing activity and rising foot traffic.
In March 2024, Accelerate Property Fund appointed a new management team, partnering with Flanagan & Gerard as strategic asset managers and Moolman Group as property managers, who have quickly turned around the mall’s performance.
By December 2024, the team had leased 15,000 square meters of previously vacant space.
New retailers including Baglios, Carrol Boyes, Curve Gear, Echt Coffee, Faro, Le Creuset, and others joined the mall, along with a large 4,500-square-meter double-storey Value Co store.
Leasing activity was further boosted by 111 store renewals covering over 38,500 square meters. As a result, vacancy rates fell from 23% at the end of 2023 to 13% by December 2024, with 44 new tenants secured over the year.
The festive season performance was a standout. December 2024 shopper spend surpassed R500 million, up 9.5% from R460 million in 2023. Foot traffic surged to 1.5 million visits in December, a significant increase from 1.1 million in November.
Santa Land, which attracted over 21,500 visitors, played a major role in this growth, with shoppers spending an average of 1.5 hours at the event, which helped highlight new retailers and enhance the overall shopping experience.
Retail performance was equally strong. Fashion sales grew 17% year-on-year, driven by new tenants. The grocery category saw a 24% rise, with Checkers leading the way with a 31% sales increase.
Looking ahead, Fourways Mall is set to continue enhancing its offerings. A new indoor shooting range, Tactical HQ, has opened, and in 2025, the mall will introduce Match Padel courts (March), a SPUR family restaurant (May), and a Planet Fitness gym (mid-2025).
Infrastructure upgrades, including a VIP parking area, improved signage, and better lighting, are also in the works to elevate the customer experience.
The 2024 festive season also saw strong retail growth across South Africa. Flanagan & Gerard Property Group reported higher-than-expected activity, with notable growth in sales and foot traffic at malls such as Mall of the North and Ballito Junction. Retail activity in November and December grew by 6% compared to 2023, outpacing the inflation rate of 4.4%.
New brands like Ariana Luxury Boutique, Steve Madden, and Le Creuset contributed to the growth, along with strong supermarket sales, especially at Checkers FreshX.
Cinemas also saw nearly 100% growth, defying expectations of declining visits due to streaming services, thanks to improved movie content and favorable weather.
Foot traffic grew by 1.1% year-on-year to 16.7 million visits, while consumer spending and basket sizes increased at a higher rate, reflecting the ongoing impact of online delivery services.
