Judging by the success Kenako Mall enjoyed during the official opening towards the end of April, Pointbreak Investment Management and Kenako’s investors, Shoprite Group and Prima Retail Properties, are confident that this ground breaking development of R195 million will set the tone for future township mall development.
The 19 000 m² mall is ideally placed in one of Port Elizabeth’s biggest townships, with a catchment area of more than 340 000 shoppers and an estimated retail potential of R1,2 billion. Besides the 4 000 m² Shoprite, other top brands as tenants include Truworths, Ackermans, Pep, Clicks, Mr Price, Tekkie Town, Capitec, Standard Bank, Hungry Lion, McDonalds, Jet, Edgars Active, Identity, Legit, Fashion IQ, etc. At the opening, Kenako Mall had 88% tenants, with 76% being Nationals and a keen interest in the remaining 12% of the Mall.
The opening of Kenako Mall was met with much excitement. The parking lot, with just under a thousand bays available, was fully packed. Following the traditional ribbon cutting, hundreds of trolley-pushing, cheering people streamed into Kenako Mall, most notably into Shoprite. The positive comments and posts on the Kenako Mall Facebook Page, with nearly 7 500 “likes” already, is indicative that the timing and location for Kenako Mall was spot on, filling a need in the community.
“The increase in expendable income in townships and rural areas has opened up a new market for national retailers,” says Pointbreak’s Pieter Laubscher. “Kenako Mall gives its target market access to South Africa’s leading retail and fashion brands. In terms of creating a pleasant shopping experience, we invested in a beautiful centre layout and quality finishes.”
From an investment perspective, Kenako Mall is setting new standards and creating a good example when it comes to township and rural retail developments. Pointbreak’s John Hamman adds: “This is a long-term investment and we have made provision for potentially expanding to 30 000 m² in the future. Apart from the value which Kenako Mall offers investors, we’ll also be looking at increasing the value that the mall brings to the community.”
Alan Straton
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