With the 2024 Festive Season behind us and Back-to-School season well underway, Exemplar’s retail portfolio continues to outperform.
A leader in rural and township retail property, Exemplar manages a portfolio of 36 assets, valued at R13,2 billion. Of the 36 assets, Exemplar owns 27, valued at R9,07 billion.
“The 2024 festive period exceeded our expectations, with the full portfolio boasting some of the top trading Shoprite stores in the country,” explains 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.”
After breaching R1 billion in December trade for the first time in 2023, the portfolio’s anchor tenants jumped 21% to set a record of R1,22 billion turnover in December 2024.
“With the improvement in economic conditions, we expected an uptick in trade, but the extent of the uplift surprised us,” says Jason. On a like-for-like basis, stripping out additions to the portfolio, anchor tenant turnover increased by over 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,” says Jason.
“We are confident that the Festive Season results have set the standard for retail performance into 2025. We expect the usual lull in January and February trade as consumers find their feet and settle into the new year, but we remain committed to driving further growth by focusing on innovation, sustainability, and putting communities at the heart of all we do.”
