South African retailers are re-sizing their stores into smaller spaces, Hyprop CEO, Morne Wilken said yesterday, although business confidence had improved under the government of national unity (GNU).
Hyprops net operating income for the year to June 2024 rose to R1.3 billion but headline earnings per share in the company dropped 24% to 299.4 cents per share compared to last year.
With distributable income per share also lower by 8.6% at 370.4 cents, Hyprops final dividend of 280 cents per share was 6.4% lower than the previous contrasting period.
Last month, Hyprop signed binding sale agreements for the disposal of its sub-Saharan Africa portfolio against the backdrop of intensified focus on its SA portfolio. During the year to June, Hyprop saw SA tenants turnover grow by 5.1% while retail vacancies remained at a lowly 1.8%.
Despite this, Hyprop said yesterday that anchor retail tenants in SA - including Game, Edgars and Pick n Pay, among others - were rightsizng their stores.
