SNG: South Africa: "Belief economy" drives retail property investments in local communities

About this update from Standard Bank Group Limited

Staff WriterRetail property landlords are investing millions in education, skills development, recreational facilities and sustainability as part of their engagement with the communities they serve.The extent of their investments is revealed in Belief, the latest edition of Clur Connect, a video report on retail property performance, the importance of the sector’s contribution to the economy and its international leadership.Clur Connect is part of the Clur Collective, SA’s early-warning performance, strategy, analysis and benchmarking platform built exclusively for shopping centres.This endorsed industry standard and economic indicator covers over 5.4 million sqm across property funds in SA and Namibia. This weight and a partnership approach underpin the Clur Shopping Centre Index.Growth across all retail formatsBelinda Clur, managing director of Clur International, which produces Clur Connect, says that over the last number of years, the South African retail property sector has really shown its mettle by moving with the times in the face of a highly volatile market and a rapidly evolving consumer system.“Currently, we are in a belief economy where the currency is made up of meaningful values, trusted emotional and human connections and these elements are highly evident in the way retail property is operating. At present, we see continuing growth across all retail formats driven by an increasing desire for human medicine in the form of physical, social and community interaction.”The belief economyItumeleng Mothibeli, managing director Southern Africa of Vukile Property Fund and president of the SA Property Owners Association, says the belief economy reminds him of the Zulu greeting, sawubona.“Directly translated, Sawubona means I see you and the belief economy and how it translates into our business is exactly that.”He says Vukile strives to be customer-centric.“We really believe that we don't want to be seen as an island of success generally, in a context and environment that is highly impoverished. We really want to be seen as part of those communities, and that translates in how we show up, how we listen, how we collect data, how we try and understand and how we show that we are humble in delivering our product.”Amelia Beattie, head of business efficiencies, property and sustainable impact, insurance and asset management at Standard Bank Group, says: “...

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