Maponya Mall, has proven to be a major draw card for national retailers eager to claim a share of the estimated 4.3 billion rand Soweto consumer market
Maponya Mall, the 65,000-square-metre regional shopping centre in 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, according to developers Zenprop Property Holdings, Investec and Richard Maponya.
Breaking ground eight weeks ago, the R500-million mega-shopping mall has secured leases with Woolworths, Edcon, Truworths, Foschini and Pick 'n Pay, with the latter securing 12,000mē 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 confirmed on Thursday that Edcon had secured a similar amount of space for key stores such as Edgars, Jet and CNA. Ster Kinekor had also secured a nine-screen cinema entertainment complex, believed to be the first of its kind in Soweto.
According to developer Richard Maponya, the centre aims to attract the so-called "Black Diamond" consumer market, previously referred to as the 'emerging' market. This market 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.
He said residents of Soweto would 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 would 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 was safe and convenient.
Maponya Mall is scheduled to open in September 2007.
