At a Glance
- Vacancy rate drops sharply as Fourways Mall secures new tenants and stronger anchors.
- Accelerate invests heavily to stabilize operations, improve layouts and restore shopper traffic.
- Management overhaul drives better leasing, refreshed zones and renewed confidence among retailers.
Fourways Mall, South Africa’s largest shopping center, is showing a clearer recovery after years of weak trading, rising vacancies and questions about its long-term viability.
The 178,202-square-meter complex, co-owned by Accelerate Property Fund, has recorded steady improvements in leasing, foot traffic and tenant activity over the past year.
Fourways Mall’s struggles after its 2019 expansion
Once positioned as a flagship retail destination, the Johannesburg mall struggled after its 2019 expansion, which more than doubled its size and left large sections empty as consumer spending weakened. By late 2023, vacancy levels were among the highest in the sector, and parts of the mall were visibly under-traded.
Accelerate Property Fund’s $23.4 million turnaround plan
Accelerate committed R400 million ($23.41 million) in 2024 to stabilize the asset and brought in Flanagan & Gerard and the Moolman Group to lead operations. The teams have focused on tightening management, improving tenant mix and refreshing customer experience across key zones.
Vacancies have since dropped from 17.9 percent in September 2024 to 10.7 percent a year later. More than 10,500 square meters of new leases were signed during the recent interim period, with renewals covering an additional 17,182 square meters. After the reporting period, another 5,396 square meters were filled.
New arrivals have also helped the recovery. Walmart opened its second South African store in the mall, while Planet Fitness, Spur, African Bank and several specialty retailers secured space. The revised layout groups tenants into clearer zones, improves navigation and strengthens experience-driven offerings such as dining, wellness and entertainment.
Fourways Mall will also host the rAge Expo, one of South Africa’s largest gaming events, in a move expected to boost foot traffic.
Risks that still threaten the Mall’s stability
Risks remain. Accelerate has faced valuation pressures across parts of its portfolio, and the mall’s performance remains central to its balance sheet. Consumer pressure, driven by high interest rates and weak job growth, continues to weigh on discretionary spending.
Still, capital expenditure of R69 million during the interim period and improving leasing interest suggest the recovery is holding. If management maintains progress into 2026, Fourways could emerge as one of South Africa’s more notable retail-property recovery stories.
