Page 50 - 171

Retail’s Next Frontier

Emerging technologies, a booming population, and rapidly developing economies are
changing the retail landscape of Africa. It has the fastest rate or urbanisation in the world
and more than 40 per cent of its population is currently living in urban centres. Here, RLI
takes a look at a continent on the rise and how it can become a new epicentre of retail.

Tatu City, Kenya, Africa
Developer: Rendeavour

In the online article ‘Retail in Africa: Facts and Emerging Trends’ by The emerging middle-class consumer is increasingly brand conscious.
Bindy, they highlight that by 2030, Africa’s 18 largest cities will have a Consumer spending is still mostly concentrated in the informal sector of
combined spending power of $1.3 trillion. Additionally, Africa has as roadside stalls and town markets. However, in East Africa there is already
many cities with one million inhabitants as North America. a discernible shift from informal to formal retail. Below is a selection of
Moreover, Africa is on track to become the continent with the projects that highlight the new offerings available to consumers.
world’s youngest population. Approximately 70 per cent of Africans are
presently under the age of 30. Youth accounts for around 20 per cent of Projects across the continent
the population and 53 per cent of African income earners are between IMKAN Maroc has announced significant progress on its Rabat-based
16 - 34 years old. This is an age group known for their awareness of and Le Carrousel project as it signs two major retailers – Carrefour Market
eagerness to consume new products. and CINEATLAS – to feature at its state-of-the-art Mall du Carrousel.
The article goes onto say that a growing population and larger cities Alongside the major retail signings, IMKAN Maroc has appointed leasing
are translating into big opportunities for retail. For instance, wholesale management firm AMS AFRICA to implement the mall’s merchandising
and retail are already the third largest contributor to Nigeria’s GDP. strategy. Mall du Carrousel in Morocco, which is home to a leasable
Kenya has seen a 54 per cent growth in its number of stores over the last retail space of over 29,000sq m spread across two levels, is already
five years. South Africa has almost 2,000 shopping malls covering over attracting several globally renowned brands, some of which have already
24 million square meters. With a surge of investment in technology and confirmed their presence at the shopping destination. Amongst the first
infrastructure, Johannesburg is poised to become “Africa’s hippest city” to sign lease agreements are Carrefour Market - a part of the LabelVie
and the newly revitalised neighbourhood of Maboneng boasts trendy Group - and the first network of premium cinema complexes in Morocco,
restaurants, luxury hotels, and galleries. CINEATLAS Holding. In collaboration with its newly appointed leasing