Malls in Africa has become the new catch word and new frontier for many global commercial enterprises given Africa’s expanding middle class and its insatiable appetite for goods and services.
In a decade Africa’s population will be as large as Asia’s and every major brand name is staking a claim in the region. The flurry of development of malls in Africa major capitals such as Cairo, Lagos, Johannesburg and Nairobi is therefore no surprise and research shows that this trend is set to continue for the foreseeable future.
A recent study by CBRE confirms this and shows the African market has begun to receive growing interest from European retailers with South Africa topping the list.
South Africa understandably remains the most attractive market for mall developments in Africa because wealth is not concentrated in the capital city but is spread out in several cities, but Lagos’ population of 1 million makes it a very attractive proposition.
