Retail therapy is on the up but it takes more than a pretty shop front to keep the cash registers going Ka-ching!

Speed shopping in Gauteng

Retail property to rent and retail property for sale remains hot property despite the poor economy and belt tightening price hikes.
Gauteng leads the way with a sizable 26.5% contribution to the nation’s gross retail industry value [source – Gauteng Provence Provincial Treasury]. Indications, whilst largely conservative, show that the retail industry is growing at a steady increase.

Expectations are high at this time of year in anticipation of the Christmas rush but other factors are coming into play to even the revenue spikes such as the school holidays being spread more evenly over longer periods throughout the year.

But with all the studies and reports, we only have to get into the car and take a drive on around Gauteng on a Saturday to see that retail therapy is this nation’s chosen means of releasing some pent up frustration with the state of the economy and resulting work, life and social pressures. We as a nation are clearly born to shop! It is our chosen weekend activity and there is never any fun in window shopping - something needs to be bought if only as a souvenir of the latest trip to the local mall.

Studies show that as consumers we are spending less per trip on groceries but going more frequently. This is interesting and is probably in an attempt to hang onto the bulk of our income for a longer period per month in order to make us feel like we still have a sizable expendable income! From experience this strategy ultimately leads to an increase in monthly spend as more incidental items are added to a small basket where as these same items are left safely on the shelves when piloting an already creaking trolley through the busy Saturday throng of shoppers. Not to mention the extra fuel!

Outside the malls the urbanization of Joburg and Pretoria is in full force resulting in malls and shops mushrooming on almost every other block. Older more established neighborhood malls are getting revamped to compete with the shiny new shopping centres a mere couple of kilometers away.

All this looks good for our retailers but this doesn't mean that they can be complacent and wait for the cash registers to fill. Unlike the global trend of online shopping showing an increase, especially over the holidays, our nation still likes to get out there and shop in the flesh, but you can be assured that online shopping has reduced the budget of our average shopper.

It is important for shops to reach outside the mall to engage and attract shoppers. Online shopping and especially online browsing has changed the way we interact with the retail industry. The electronics, fabrics, clothing, etc. shop in the mall that also has a website, social media and a blog promoting their products will have a line of customers coming to them directly as a result of their promotional activities. This aligns with our lifestyles as we are busy and there is much to fit into a weekend - hoofing around from mall to mall looking for the best deal, prettiest dress, most fun kids’ toy, etc. is a waste of our precious time.

Lastly our prodigious culture for shopping, our local fast-growing, affluent and influential black community and a general increase of high net worth individuals in Gauteng [Related article] have attracted the interest of international property developers and retailers. So look out for more shops, malls and international brands in your neighborhood soon!

If you want to start your retail business and are looking for shop premises then come to RCP Brokers as we have shops to let all over Gauteng.