Retail centres thrive as ‘Belief Economy’ reshapes consumer values

SOUTH Africa’s retail centres are witnessing significant growth across all formats, propelled by an evolving consumer desire for connectivity and human interaction in a landscape marked by rapid transformation.

- SIPHELELE DLUDLA

This is according to the Clur Shopping Centre Index for the second quarter of 2025, which is derived from the Clur Collective, a recognised platform dedicated to analysing shopping centres and optimising returns.

It tracks performance for listed and unlisted property funds at more than 5.4 million square metres of prime retail space in over 130 centres across South Africa and Namibia. The findings outlined in the Clur Shopping Centre Index reveal a robust performance that surpasses inflationary pressures.

Belinda Clur, managing director of Clur International, said that since the Covid-19 pandemic, consumer behaviours and preferences have rapidly shifted, significantly influencing the retail landscape.

“We are now living in the Belief Economy where trusted emotional and human connection has become the new currency. Many elements of this economy are evident in the growth of social impact retail in South Africa, serving hard-pressed communities and acting as catalysts for further development and community growth,’ Clur said.

“At another level we are seeing the lipstick effect as another element at play - where consumers favour small indulgences to lift their mood when budgets are tight.