Statistics South Africa released the numbers for headline consumer price inflation (CPI) this week, and for October 2022, reporting that inflation was recorded at 7.6%, marking a marginal increase from 7.5%, in the month before. This would normally result in massive pressure on the part of consumers, who have less disposable income when compared to previous years. Mall owners and property managers of commercial spaces must make the most of Black Friday, and Cyber Monday, in order to respond to this situation with the correct level of incentives and deals, listed developer Attacq said.
Black Friday is when many retailer place goods and services on sale while Cyber Monday is similar but involves computer and tech products.
Locally, there is a big trend towards online shopping as consumers opt to save on fuel, transportation costs and time, rather than physically driving from store to store in the hunt for the best deals.
But malls will still see much foot traffic as shoppers look to make decisions on the fly and impulse buys, to feel better. South Africans love a good deal and mall owners since will need to strategically consider offering unmissable or one of a kind shopper experiences to drive foot traffic into their retail locations.
Mall owners have also enhanced safety and security since criminal activities such as jewelry store robberies, ATM theft, and logistic vehicle hijackings traditionally spike during the run up to and during the holiday shopping season.
Expect to see malls and online retailers enjoy a bumper shopping weekend.