Jason McCormick
Exemplar
CEO
The transformation from Plaza to Mall is complete, and Theku Mall serves upgraded retail to the community of Osisweni in Newcastle, KwaZulu-Natal.
The original 14 807sqm Plaza was opened in 2013 to provide convenient retail to the surrounding communities. Anchored by Shoprite, the Plaza was a single-level strip mall with limited fashion and health offerings in the tenant mix. Severely damaged in the July 2021 riots, the Plaza was rebuilt entirely and fully trading again by December of that same year.
After the centre was rebuilt to its original size, retail demand continued to surge, and a decision was made to enclose the centre, bring in an additional grocery anchor of 4 200sqm, and increase the total GLA to 22 591sqm.
Theku Mall boasts an impressive grocery component of 8 850sqm, approximately 39% of the overall development, with SuperSpar being added as the additional anchor to Shoprite and Roots. The updated tenant mix presents the first real fashion lineup in the area, with over 90% of the tenants comprising national brands, including the Mr Price Group, TFG, Studio 88, and Pepkor Holdings, with Truworths and Identity set to trade from early 2025.
Work on site began in early 2024, and the Mall was fully reopened on 31 October.
“This redevelopment is a symbol of the growth and upliftment of not only the Plaza but the communities it serves – investment in these builds is an investment in the local micro-economies”, says CEO of Exemplar, Jason McCormick. “We have always followed a phased approach to retail development, right-sizing our centres according to market demand and then developing additional GLA as the centre reaches its saturation point.”
Originally developed by rural and township retail specialists McCormick Property Development, the Plaza was included in the Exemplar portfolio when it listed in June 2018. Exemplar owners, developers, and asset managers own 82.5% of the centre and manage its full redevelopment, including leasing, utilities, and operational asset management.
In line with Exemplar’s strategic priority of sustainability and efficient utility management, the mall has a significant amount of grid-tied Solar PV embedded generation. An “Offset” agreement with Eskom also allows excess solar power to be fed back into the grid. This excess energy, supplied to the Eskom network, will help reduce the strain on the local electricity distribution network in the area. It can also be reused later when the centre’s energy demand exceeds its solar production.
”The Plaza was a community shopping centre built to provide retail essentials and a space for the community to connect. Theku Mall adds to this, creating a vibrant space where community members can shop, support local businesses and foster a sense of belonging,” says Jason. “Beyond providing an improved place to shop, we are nurturing the heart of the community.”