The July unrest wiped off a considerable chunk of mall owners' recovery. Load shedding is adding further unanticipated costs, while municipal rates are pushing up the costs of running a mall.
Even Dipula Income Fund, which continued to invest in malls and other properties during the lockdown, is now sounding the alarm about challenges landlords face in SA. During the announcement of its financial results on Wednesday, the group said that the July protests cost it more than R100 million. And it is still busy with reinstatement work on damaged malls.
"We hope that government realises the seriousness of the situation and the devastating effect that such events have on employment, economic development, further investment into the economy and the reputation of South Africa," said Dipula CEO Izak Petersen.