January 24 18:33
With the 2024 Festive Season behind us and Back-to-School season well underway, Exemplar REITail’s retail portfolio continues to outperform, the group said.
Exemplar manages a portfolio of 36 assets, valued at R13,2 billion. Of the 36 assets, Exemplar owns 27, valued at R9.07bn.
“The 2024 festive period exceeded our expectations, with the full portfolio boasting some of the top trading Shoprite stores in the country,” said CEO of Exemplar, Jason McCormick.
“Our best performing asset in terms of grocer trade was the recently-acquired Eerste Rivier Mall in the Western Cape, which is testament to both the quality of the acquisition and the value that the asset brings to the Eerste Rivier community,” he said.
After breaching R1bn in December trade for the first time in 2023, the portfolio’s anchor tenants jumped 21% to set a record of R1.22bn turnover in December 2024.
“With the improvement in economic conditions, we expected an uptick in trade, but the extent of the uplift surprised us,” said McCormick. On a like-for-like basis, stripping out additions to the portfolio, anchor tenant turnover increased by more than 10%.
Over 50% of Exemplar’s grocers showed double-digit trading density growth in December with five of those trading densities growing over 25%.
The growth in trading densities highlights strong consumer demand and the strategic positioning of the portfolio’s assets within their respective markets. Health and beauty improved 7% for December on a like for like basis and, after years of anaemic growth, discretionary spend on fashion and footwear grew ahead of CPI.
Chris Hani Crossing in Gauteng and Edendale Mall in KwaZulu Natal were some of the best performing assets across the board, showing over 20% increase in total sales.
“Footfall growth mirrored the turnover growth with footfall across the portfolio increasing 24%. Phola Mall in KwaMhlanga was the top performer, exceeding over a million feet for the period with Edendale Mall, KwaBhaca Mall, Mall of Thembisa and Theku Mall all hovering close to the million-mark in December,” said McCormick.
247@propertyflash.co.za
