WESTPROP Holdings Limited has stepped up efforts to lure South African retailers to the planned US$100 million Mall of Zimbabwe, as the property developer moves closer to breaking ground on the flagship project later this year.
The company last week dispatched a delegation to South Africa, accompanied by senior government officials, to court regional retail brands and reassure investors about Zimbabwe’s economic prospects.
The push comes as WestProp seeks to secure anchor tenants for what is expected to be the country’s first fully enclosed, air-conditioned regional shopping mall, a project the developer says will transform the local retail landscape and attract top regional brands.
WestProp chief executive officer Ken Sharpe said the delegation met several retailers interested in expanding into Zimbabwe, although some still had reservations about the country’s economic environment
“We were in South Africa to encourage retailers to move north. Some of them are already in Zambia and surrounding countries, but they were worried about the economy,” Sharpe said.
The senior government officials assured investors that the government was committed to improving the business climate.
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“They were encouraging investors to come into Zimbabwe, confirming that the government is serious about business. If there are incentives they are looking for, or exemptions from restricted sectors, the government is willing to consider them,” Sharpe said.
He said the outreach was already bearing fruit, with several retailers expressing interest in signing up for space at the mall.
“Several retailers have expressed interest in coming in, and we will be signing them up in the mall,” Sharpe said.
The development will have a gross lettable area of about 90 000 square metres when completed, although the first phase will target between 50 000 and 60 000 square metres.
Sharpe said the mall had already secured significant early interest from tenants.
“We currently have about 60% uptake (pre-let) of the mall so far,” he said.
Sharpe added that the strong interest from retailers had strengthened WestProp’s confidence to proceed with the project.
“We are hoping to break ground probably in the third quarter of this year, while planning and pre-leasing will be completed in the second quarter,” he said.