South Africa’s mall owners are now being urged to build new retail outlets at the expense of their own malls, as the government considers a plan to sell off more malls and turn them into affordable apartment complexes.
The government will spend $8 billion over the next decade on mall redevelopment, with the aim of creating “innovative, modern retail spaces,” according to the country’s Economic Development Minister, Muhye Mkhize.
Mkhizia has also said the government will sell off existing malls, which the government says can’t be replaced.
“Malls are a vital part of the country, and they are our economic lifeline,” said Mkhiza.
“It’s time to make sure they are transformed and put to use.”
Mkhise said the country needs to rethink its approach to malls, with a focus on the needs of the city, rather than the shopping malls themselves.
The country’s largest mall, Maseru, has seen its retail sales decline by up to 40 percent over the past decade, while malls in other South African cities such as Johannesburg and Pretoria have also seen declines.
But the country still has more than 2,500 malls in the country.
Many of those malls have been converted into apartment complexes, with some apartments being rented for a monthly salary.
Many people still live in malls, and the government has struggled to find a solution to the housing shortage in many of the countries worst urban centers.
The plan is a part of Mkhizer’s plan to revitalize South Africa.
“We need to make it more attractive for people to live, work, and play in the cities,” Mkhizing said.
“The country needs more malls.
This is the way to make this happen.”
Makhizia is also pushing to sell more retail space in cities like Johannesburg, where malls have seen steep declines.
While there is still plenty of space for malls in these cities, they are far from being profitable.
The National Urban Development Board (NUDB) recently recommended that the country increase the amount of land that a mall can sell.
The NUDB said the market value of a mall could rise if it was able to rent space to retailers and other businesses.
“This is what is needed,” said Nudb chairperson Dermot O’Reilly.
“Our government must now get out of the way of the mall and the retail space.”
Mokwe, the NUDb’s executive director, said that the current situation is “not sustainable.”
The NudB report suggested that the Nud-owned mall in Cape Town could be sold for $20 million to $25 million.
In Johannesburg alone, the mall is now selling for as little as $20.
The report also suggested that some of the retail spaces could be turned into apartments.
However, Mokweng Mkhumbeni, a NUD, said the plans do not include building additional retail space, saying that it will require the government to do so.
“There is no new retail space at Mokweru,” he said.