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Vukile pre-close trading update for year ended 31 March 2025

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Vukile Property Fund closes a transformative year and forecasts accelerating growth

Vukile Property Fund (JSE: VKE), the leading specialist retail real estate investment trust (REIT), delivered a strong pre-close trading update for its financial year ended 31 March 2025, underscoring its dealmaking dexterity, strategic expansion and robust operational delivery. Vukile confirmed it is on track to meet its full-year guidance of 2% to 4% growth in funds from operations (FFO) per share and 6% growth in dividends per share (DPS).

Reflecting strong business momentum and high-quality earnings, Vukile also provided preliminary guidance on FFO and dividend per share growth for FY26 of at least 6%, based on conservative assumptions and without anticipating any need for new equity capital.

The transformative year has been underpinned by strategic execution. Driven by disciplined dealmaking and decisive capital deployment, Vukile’s gross asset value now exceeds R50 billion.

Through its 99.5%-held Spanish subsidiary Castellana Properties, Vukile grew its asset base in Spain and Portugal by nearly 60%. It exited its investment in Lar España at an impressive profit of EUR82 million, swiftly redeploying capital to acquire the iconic Bonaire Shopping Centre in Spain’s Valencia province at a compelling cash-on-cash return of over 8%, avoiding cash drag and securing sustainable earnings from a top-quality asset.

Adding a new engine of growth to its strategy, Vukile entered Portugal with four high-quality retail acquisitions. A fifth deal is well advanced and already fully funded.

All-in-all, the Iberian portfolio grew around 60% over the 12 months, cementing Vukile’s dominant position across two of Europe’s strongest economies − Spain and Portugal. Approximately two-thirds of Vukile’s assets and 60% of earnings are now offshore.

In South Africa, Vukile acquired a 50% stake in Mall of Mthatha (formerly BT Ngebs) in May 2024, where early turnaround performance has exceeded expectations. The mall’s vacancy rate has decreased dramatically from 18% to just 1.8%.

These assets were acquired at a favourable point in the cycle, expanding Vukile’s footprint and growing its Iberian portfolio with strategically aligned, high-performing assets that are delivering strong cash flows with further upside through targeted asset management.

“We’ve come through a phase of explosive growth. Now, we’re focused on integration, optimisation and crystallising value from these assets. Vukile remains open to opportunities but will prioritise deepening value within its current footprint, and for the time being we don’t expect to raise capital,” confirms Laurence Rapp, CEO of Vukile Property Fund.

Operational strength has stood out across Vukile’s portfolio of high-performance, strategically located shopping centres, with limited exposure to new competition and strong pricing power.

In South Africa, like-for-like net property income (NPI) grew 6.4%, vacancies remain below 2%, and 84% of rental reversions were positive or flat.  The portfolio has recorded growth in both sales and footfall. The cost-to-income ratio reduced to 15%, with ongoing progress in solar and water initiatives enhancing sustainability metrics and efficiencies.

In the Iberian portfolio, like-for-like NPI increased by almost 2% and with various value-add projects now complete, significant upward momentum can be expected in the year ahead. Vacancies in both portfolios remain below 2%. Positive rental reversions were a standout 23.6% in Spain and 6.15% in Portugal. Sales grew 4.3% in Spain and 6.7% in Portugal.

“With a well-hedged balance sheet, minimal near-term debt expiries of just 2% maturing in FY26 and strong liquidity, Vukile is closing FY25 in an exceptionally positive position,” says Rapp.

Vukile Property Fund will report results for the full year to 31 March 2025 on 17 June 2025.

 

Hyprop delivers strong half year results

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Hyprop delivers strong half year results laying the foundation for further growth

Hyprop Investments, a specialist property retail fund listed on the JSE and A2X, published strong half year results for the period ended 31 December 2024, reporting double-digit growth in distributable income of 14.5% to R765 million and 14.4% increase in distributable income per share to 201.4 cents. The Group declared an interim dividend of 113.43 cents per share, equating to 95% of the distributable income from the SA portfolio for HY2025.

“The solid performance for the period is a result of the transformative strategic priorities outlined in 2018. The improved trading metrics of our portfolios affirm our centres’ relevance in their respective markets, coupled with our shoppers’ loyalty and resilience during the challenging economic times,” says Hyprop CEO Morné Wilken.

“Our confidence is based on the fact that our centres in South Africa and Eastern Europe are located in key economic nodes and supported by our management teams who have strong retail property expertise.”

For the period, Hyprop maintained a strong liquidity position and held R807 million of cash and R1.1 billion of available bank facilities. As a result of the recent sale of its sub-Saharan Africa portfolio to Lango Real Estate in exchange for shares, Hyprop has been released from all guarantees and commitments to the lenders relating the Africa debt. The balance sheet reflects a steady loan to value (LTV) ratio at 36.3% and cash collections from tenants in South Africa and Eastern Europe at 99.8% and 100.8% of net billings, respectively.

South African portfolio

“All key trading metrics were positive in the six months to end-December 2024. There was a slight increase in vacancies to 2.4% (excluding Pick n Pay at Hyde Park Corner, where Checkers has been secured as a replacement tenant), which is mainly due to rightsizing some anchor tenants’ stores which is in line with strategy. The low vacancy rate creates flexibility to improve and optimise the tenant mix,” Wilken says.

Tenants’ turnover rose 4.9% compared to the same period in 2023, while trading density (rands per square metre per month) lifted by 4.4%.

In this period, management focused on pursuing organic growth opportunities, such as the Somerset Mall expansion and the development of satellite offices around CapeGate Shopping Centre on a leasehold basis with development partners SOM and Giflo.

At Canal Walk, Western Cape’s only super-regional, new concepts such as the first JD Sports in the country, the first stand-alone Silki store in South Africa, and the maiden flagship store for Shift Espresso Bar were introduced. After rightsizing, the Edgars store on the first floor is trading extremely well, and the space it has vacated has been re-let to Jet, Home. Tech. Sleep. and another national tenant.

Somerset Mall is making good progress on its two-year expansion project to add 5 500m² of GLA for 50 new stores, retile and improve the centre’s flow. CapeGate’s initiatives to enhance the overall shopper experience included the installation of an advanced audio system and improved signage. The roof is being refurbished to enable the installation of 5 MW of solar panels. The centre management team at Table Bay Mall has been strengthened, following its acquisition in Hyprop’s 2024 financial year.

In Gauteng, Rosebank Mall has introduced several unique concepts and completed various projects, including upgrades for Tap & Go/Apple Pay at all pay stations and the control room, as well as the installation of e-hailing screens in the waiting areas. A new Checkers FreshX store is under construction at Hyde Park Corner and is scheduled to open in July 2025. Clearwater Mall, Woodlands and The Glen opened several new stores, all enhancing each centre’s tenant mix.

The SA portfolio’s distributable income grew to R454 million in the six months to end-December 2024. Excluding Table Bay Mall, rental and other lease income increased by 4% compared with the same period in 2023 and total revenue was up 4.7%. Utility costs were lower than in the comparable period, due to the reduction in loadshedding and the additional solar plants commissioned at Woodlands, Clearwater and Table Bay Mall. Net property income increased by 18.6% (10.7% excluding Table Bay Mall) over the first half of the 2025 financial year.

Eastern Europe portfolio

Tenants’ turnover grew 8.8%, with trading density increasing by 7.1%. There is strong demand for space in Hyprop’s four centres, which is reflected in the modest 0.2% vacancy rate at 31 December 2024.

City Center one West completed an extension and upgrade of its food court, introducing five new restaurants, while City Center One East, The Mall and Skopje City Mall attracted several high-profile tenants. At Skopje City Mall, Cineplexx renovated its cinema halls and successfully launched M House, a new roastery café, enhancing the food court’s offering.

Distributable income from the EE portfolio was R308 million, an increase of 34% over the comparable period, despite the rand strengthening by 4% against the euro. In euros, total revenue increased by 11%, due to indexation increases and strong growth in turnover-based rentals. Property expenses rose 9%, mainly because wages across the region increased, resulting in a 12% improvement in operating income.

ESG

Various energy initiatives are being pursued to manage energy costs and carbon emissions and ensure uninterrupted trading. As previously communicated, power purchase agreements (PPA) for solar energy are in progress. To protect the supply of water, backup tanks are being installed at Gauteng centres, while similar initiatives are planned for the Western Cape centres, based on recent water audit findings. Over the last five years Hyprop reduced its electricity usage by 29.6% and water consumption by 10.2%.  Five of Hyprop’s centres have achieved net zero waste status and diverted 544 tonnes of organic waste from landfills.

The Group’s total contribution towards CSI projects in the six-month period was R7.7 million.

Outlook

Wilken said, “Hyprop’s management team will pursue its five strategic initiatives: pursuing new and organic growth opportunities; repositioning in South Africa and Eastern Europe to maintain the centres’ dominance and grow market share; annually review and, if appropriate, recycle assets; implement sustainable solutions to offset infrastructure challenges in South Africa; and protect the robustness of the balance sheet.”

Hyprop expects to meet the higher end of its guidance communicated in September 2024 of a 4% to 7% increase in distributable income per share for the full year to 30 June 2025.

The Group’s board has decided to increase its dividend payout ratio to a payment of an interim dividend equivalent to 95% (previously 90%) of the distributable income from the SA portfolio and payment of a final dividend on finalisation of the Group’s annual audited results, so that the total distribution for the financial year (including the interim dividend) is equivalent to 80% (previously 75%) of the Group’s distributable income from the SA and EE portfolios.

“As a business, we are confident in our ability to continue our growth trajectory, supported by the strength of our retail centres in South Africa and Eastern Europe. We are optimistic about the exciting projects in our pipeline, which align with our strategic priorities and will drive sustainable value for all our stakeholders,” concludes Morné Wilken.

Redefines’retail portfolio grows as trading conditions in SA improve

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Redefine Properties’ retail portfolio continues to deliver as trading conditions in South Africa improve

Johannesburg, 2 December 2024 – Redefine Properties (JSE: RDF), one of South Africa’s leading real-estate investment trusts (REIT), has noted an improvement in trading conditions in South Africa’s retail sector going into the 2024 holiday season. With positive trends in retail sales, rental renewal rates and visitor foot count, the momentum in the sector bodes well for South Africa’s future growth.

In August 2024, retail sales in South Africa increased year-on-year by 3.2%. This marked the sixth consecutive month of growth in retail activity and at a robust pace. Additionally, foot traffic in major shopping centres rose by 8.3% year-on-year during the second quarter of 2024, a positive trend that has continued since December 2021. The rent-to-turnover ratio, which is a measure of retailer’s cost of occupancy, is now at its best level in more than ten years.

Nashil Chotoki, Retail national asset manager at Redefine, attributed the growth in retail activity to non-discretionary spending, with food and value-focused retailers serving as the main industry drivers. “Within the Redefine portfolio, grocers contribute 64% of turnover growth. Therefore, a tenant mix of essential services and retailers aligned with value offerings that is relevant to the demographics of the catchment areas will be a key success factor for shopping centres. It is why Redefine will increase its exposure to this category to 40% of its GLA in the next financial year,” Chotoki explained. “Lower interest rates and improved consumer confidence will further drive retail sales growth into some of the discretionary retail categories, and, ensuring that the tenant mix of a shopping centre is aligned to this will create sustainable growth.”

These trends come on the heels of the release of Redefine’s annual results for the 2024 financial year (FY24). The REIT’s retail portfolio accounts for 45% of its South African property asset platform, with a carrying value of R28.3 billion (up from R24.6 billion in FY23). Redefine owns 59 retail properties nationwide, occupied by 2,807 tenants with an annual trading density of R34,700 per sqm. The portfolio’s rent-to-turnover ratio of 7.7% reflects sustainable revenue growth prospects across its retail formats.

Redefine also enjoys an active occupancy rate of 95%, which it expects to increase in FY25 due to healthy letting demand. Furthermore, with the help of tenant support programmes and data-driven insights, Redefine ensures tenants are placed in optimal macro-locations to enhance their trading performance. This has enabled Redefine to improve its rent reversion rate on renewal to 0.2% and achieve a renewal success rate of 88%. Our analysis goes way beyond shopper data and combines a variety of data to drive insights to make decisions that inform our strategy at an asset level.

“We have also found that upgrades to stores, particularly grocers, drive improvements in turnover through attracting new customers to shopping centres. That is why Redefine is working closely with national retailers to support this, culminating in 8,500 sqm worth of upgrades scheduled to commence in February 2025,” Chotoki added.

To further diversify income streams, Redefine has pursued alternative revenue opportunities through in-mall and exterior billboards, and electric vehicle charging infrastructure installed at eight sites. Sustainability remains a top priority, with solar photovoltaic plants generating 18% of the portfolio’s energy needs thanks to an installed capacity of 34,587 kWp. Expansion plans will add another 12,351 kWp in capacity.

“There are still challenges in our path, but what is certain is the resilience and promise that South Africa’s retail industry poses from both a consumer and business perspective. Through strategic planning and implementation, and by prioritising the needs of consumers and our tenants, we are fully tapping into the power of retail spaces as social and economic enablers,” Chotoki concluded.

Delivering strong performance aligned with strategic goals

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Delivering strong performance aligned with strategic goals

Attacq Limited is proud to share its latest pre-close update, reflecting solid progress aligned with our strategic vision and reinforcing confidence in achieving our FY25 distributable income per share (DIPS) growth guidance of 17% to 20%.

As a JSE-listed REIT, Attacq remains committed to delivering long-term value for stakeholders, with recent achievements demonstrating our dedication to sustainable growth and resilience.

Key highlights from the update include:

–  A high occupancy rate of 92% and an impressive collection rate of 98.7%, reflecting the strength of our portfolio and partnerships

– The successful R760 million DMTN issuance at reduced margins fortifies our financial flexibility, with FY25 interest cover ratio projected above 2.5 times and gearing below 30%

– Five rooftop PV systems are in progress, elevating our renewable energy mix to 9.3% and advancing sustainablity objectives

– The Waterfall Junction water connection has been finalised, creating pathways for developments and sustained economic growth

– Strategic upgrades, including a 1 995m² Checkers expansion and 23 store revamps, modifying the retail experience and enhancing value for our clients and shoppers.

Attacq’s achievements are a testament to our unwavering commitment to people, purpose, and progress. “Our journey is driven by a vision to create spaces that inspire, deliver sustainable growth, and leave a lasting impact on the communities we serve,” says CEO Jackie van Niekerk.

With an eye on the future, Attacq continues to lead through innovation and purpose, building a sustainable legacy characterised by growth and resilience

Hyprop set for growth given the reduced risks and financial strength

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Hyprop set for growth given the reduced risks and financial strength

Hyprop, a total returns-focused fund that specialises in retail property announced its operational update for the four months ended 31 October 2024. The Group’s dominant retail centres in South Africa and Eastern Europe continued to grow tenants’ turnover and trading density. This reflects management’s ongoing repositioning initiatives and leasing strategies, combined with better consumer sentiment.

“The pleasing performance reflects our investments over the last few years, not only in centre and tenant upgrades and improvements but also in energy and water projects at all our centres,” said Hyprop CEO Morné Wilken. “We have given particular attention to areas most affected by infrastructure decay, to ensure our tenants and shoppers can continue to trade without disruption.”

The company’s pre-close operational update showed a pro-forma improvement in the loan-to-value ratio (LTV) to 35.2% at end-October from 36.4% at end-June, and an increase in interest cover to 2.62 times from 2.5 times. This follows the completion of the disposal of the sub-Saharan Africa (SSA) portfolio to Lango Real Estate Limited. At the end of the period, Hyprop held R575 million cash on hand and R1.2 billion of available bank facilities, after paying the 2024 dividend.

Given factors such as the improvement in the overall risk environment, that Hyprop has caught up on historic capital underspending in SA, the sub-Saharan portfolio has now been sold and Hyprop’s balance sheet strength, the Board intends to review the dividend policy and payout ratio. Any changes will be communicated when the results for the six months ending 31 December 2024 are released in March 2025.

Operational performance

South Africa

In the four months to end-October, Hyprop welcomed several new stores to its centres in South Africa, some of which were “firsts” for the country. It also refurbished and “right-sized” (expanding some spaces and reducing others) stores, where necessary.

Tenants’ turnover in this period was 5.2% higher than in the same period in 2023 and trading density was 3.9% better. Foot count was flat (-0.2%). The improving trend in rent reversions continued, with a positive weighted average reversion rate of 6.7%. Retail vacancies, at 2%, were well controlled.

Some of the highlights were:

In the Western Cape, Canal Walk has been enhanced by some exciting new concepts. These include Old School, a retailer specialising in the sale of South African sports supporters’ jerseys and other merchandise; and the first South African store for Baseus, one of the world’s fastest-growing consumer electronics brands. Silki, which sells luxurious skin, hair and body care products, opened its first stand-alone store.

Hyprop is adding 5 500m² of GLA at Somerset Mall as a part of its redevelopment and expansion project. The project planning is progressing well with most council and other regulatory approvals obtained. Construction work will commence later this financial year and is expected to be complete at the end of July 2026. The project will add 50 new stores to the vibrant centre, focusing on affordable luxury and athleisure as well as family entertainment and food.

In Gauteng, new store openings in Rosebank Mall included the first Cable & Co (fashion and footwear) in Gauteng and Ajmaan, which sells modest clothing. Continental Linen, Waxit and Ribz N Wings all opened during the period. In July 2024, the Soko District became fully let.

The Glen welcomed Porter & Craft, a luxury leather goods retailer and Cannafrica during the period. While The Glen Continental Linen and Chateau Gateaux during the period.

There were exciting developments at Hyde Park Corner. The Forum (a new events venue) and Workshop 17 (flexible office space) both opened in October. The centre also welcomed new outlets for strong global brands such as Birkenstock and Ted Baker; Avenue 2A, which houses international luxury brands; Colourbox, an international and local luxury lifestyle brands retailer; Kids Around, a luxury and premium children’s fashion brand; and Health Works, a health store that offers both products and a blend of traditional healing and cutting edge services.

Eastern Europe (EE)

The EE portfolio continued to achieve strong operational results in these four months, notably in tenant turnover and trading density. Asset management initiatives and investments in upgrades have distinguished Hyprop’s centres from its competitors, allowing it to benefit from the overall growth in retail within the region.

As at 31 October 2024, the EE portfolio’s retail vacancy rate was an impressive 0.2%. Tenants’ turnover was up 11.5% for the four-month period compared with the same period in 2023 and trading density lifted by 9.4%. Foot count was 1.6% higher.

Some of the highlights were:

In Croatia, both City Center one East and City Center one West reported growth in all key metrics, including foot count, despite the non-working Sundays Trade Act, which allows retailers to operate only 16 Sundays per calendar year. Centres are not allowed to trade on public holidays.

In Bulgaria, The Mall’s new tenants included Jeff de Bruges, a new premium chocolatier concept; Intesa, a locksmith; Stilna jena, a Bulgarian ladies fashion brand; Sunday Habit, a Bulgarian influencers’ merchandise shop; and Elenski Balkandjii, a farmer’s deli shop.

In North Macedonia, Skopje City Mall continues to refine its tenant mix and will soon welcome Gerry Weber, M House Roastery Café and mobile operator M-tel. Cineplexx has undergone a comprehensive upgrade, and Skopje City Mall is now the only centre in North Macedonia with a state-of-the-art cinema as part of its entertainment offering.

Environmental initiatives

Hyprop has made progress on ensuring energy and water security for its centres in South Africa, with a gas and battery storage project underway at Rosebank Mall. Management is taking steps to source solar power through Power Purchase Agreements at The Glen and Cape Gate and is looking at wheeling green energy from a third party to Canal Walk and Somerset Mall. Projects have started to install potable water storage at Clearwater Mall, Woodlands and Hyde Park Corner and similar projects will begin at the Glen and Rosebank Mall in 2025.

Canal Walk, Somerset Mall, Woodlands, and The Glen have all achieved net zero waste status. The integration of Table Bay Mall with the Group’s waste management strategy is progressing.

Outlook

Wilken said management’s priorities in the current year and beyond would include driving the implementation of sustainable solutions to reduce the impact of the infrastructure challenges we face in South Africa, expedite organic growth opportunities, for example, the Somerset Mall expansion in the South African portfolio, reviewing the portfolios annually to evaluate the case for recycling of assets and to consider new growth opportunities, disposing of the shareholding in Lango and redeploying the capital into new growth opportunities, and maintaining the health of the balance sheet.

“With these priorities in place, we are well-positioned to pursue growth opportunities without being hindered by past structural, financial, and asset-related issues,” he said.

Frenzied shopping season awaits as Black Friday arrives late

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A frenzied festive shopping season awaits as Black Friday arrives late

Black Friday’s late arrival on 29 November sets the stage for a uniquely condensed peak shopping season. With five fewer days until Christmas compared to the November 25 and 24 dates of the past two years, the question remains: how will this impact retail sales performance?

Black Friday has come to symbolise the kick-off of the holiday shopping period. Despite the earlier dates, the past two years have seen disappointing Black Friday spending. Savvy shoppers demand real value and great experiences, and many South Africans have been particularly cash-strapped.

A shortened shopping season but more consumer confidence

This year, fewer shopping days between Black Friday and Christmas Eve could signal lower sales over the festive period, even with a surge in shopping as consumers scramble to make purchases. However, consumers are feeling more confident about spending than in recent years, and some even have a little more to spend, which could result in bigger baskets balancing out the effects of the compressed timeline.

Factors contributing to this rise in confidence include a settling political landscape, the suspension of load shedding, a stabilising currency, improving inflation rates, a second local interest rate cut, and the first payouts from South Africa’s new Two-Pot Retirement System.

Retailers adapt

General dealers like Game, Makro, Builders, and Jumbo Cash & Carry have already responded to this festive season’s time-crunch dynamic with month-long Black Friday promotions starting in early November.

These extended campaigns may actually work in consumers’ favour, allowing them to feel more secure in their purchasing decisions as they have longer to evaluate deals and sales. That said, campaigns like Game’s, which notes “When it’s gone, it’s gone”, send a clear message not to dither over purchasing decisions too long.

Interest rates and disposable income

Historically, when consumers perceive their financial situation as stable or improving, they’re more likely to splurge during seasonal shopping peaks.

With last week’s announcement of a further 25bps interest rate cut resulting in interest rates being 50bps lower than this time last year, putting a bit more money in consumers’ pockets, we can expect a positive impact on festive spending. The start of a downward interest rate cycle in September means consumers will have some more disposable income to allocate towards non-essential purchases.

Wage increases and year-end bonus payouts are expected to improve in 2024, adding to seasonal spending power. Yet, many companies remain under financial strain, with limited capacity to pay bonuses, instead opting for retail gift cards for their employees.

The two-pot effect

When it comes to the first payouts from the Two-Pot Retirement System, indications are that much of this will go to debt repayment and education-related spending. Still, it will also benefit retail as the easing of other financial pressures allows people to loosen their spending belts a little.

A focus on essentials

However, for the 2024 festive season overall, consumers will continue to remain cautious, focusing primarily on essentials. At Emira, recognising the increasing preference for an all-in-one shopping experience has led to a focus on providing exceptional shopper experiences and smooth journeys.

Buy-now-pay-later

The attractiveness of buy-now-pay-later (BNPL) options like Pay Just Now and Payflex will play a role in festive buying trends – online and instore, offering consumers no-fee, interest-free repayment plans that are especially appealing to budget-conscious consumers.

The role of social media

Social media will have an immense influence on the choice of gifts and the season’s most-wanted items, with platforms like TikTok, Facebook, and Instagram becoming virtual shop windows. Influencers have become modern-day advertisements that help retailers reach audiences in an authentic way.

Seamless shopping experiences

For shopping centres and retailers, the short season means a greater emphasis on providing seamless experiences. Ensuring ease throughout the shopping journey means customers can enjoy frictionless festive shopping outings.

Many price-conscious and time-pressed shoppers arrive at a shopping centre knowing what they want after comparing products and pricing online but still prefer the in-store purchasing experience. So, it’s important to make their shopping trip a good one.

All-in-one shopping

At Emira, our retail centres offer a variety of essential and unique retailers. One example is Wonderpark Shopping Centre in Pretoria, which is expanding its entertainment and leisure offering with the launch of Goldrush in November and a refurbished Play Area and Kiddies Club in time for December and the school holidays, surrounded by various restaurants and eateries. These amenities invite customers to linger longer, providing maximum value to their overall shopping experience.

A January boost?

Interestingly, the condensed festive season may actually lead to higher spending in January. Consumers may feel rushed, postponing certain purchases until the new year. The growth in the popularity of gift cards as presents means redemptions will occur in January, driving sales.

Back-to-school dash

Back-to-school shopping in January may also see a more pronounced trend than in the past, with both inland and coastal public schools, as well as most private schools, starting on the same day, 15 January 2025. This creates another potential time crunch, emphasising excellent seasonal planning to meet demand and quickly pivot from one retail season into another.

The stakes are high

The stakes are always high for retailers and shopping centres over the holiday season, and this year’s condensed timelines intensify the pressure.

Shopping centres that deliver smooth, seamless, all-in-one experiences, with retailers offering trending products and services, various payment options, and great customer service, will be best positioned to benefit from the upside of the early improvement in consumer sentiment.

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