Pioneering African Retail
Thirty years ago McCormick Property Development was founded in South Africa and the company remains a leader in the development of emerging markets. The firm was established by Chairman John McCormick in 1983 and it specializes in the development of retail centers in rural areas and former ‘homelands’. MPD ensures to consult and collaborate with the local communities while developing properties. McCormick’s mission is to not only develop real estate but to create economically prosperous communities.
During apartheid and years before Black Economic Empowerment policies, this family business created the first BEE program in 1985, nearly ten years before the country’s first democratic election. The company’s impressive resume confirms why MPD is a prominent property development company.
Innovative Retail Space
Since its inception, MPD has completed more than 45 retail developments and in the process generated over 40,000 jobs. McCormick has created a track record of producing successful, world-class and sustainable real estate.
Outside of South Africa, the company is currently developing the largest mall in sub-Saharan Africa, the Mall of Mozambique in Matola. The Mall of Mozambique is expected to open in 2015 and some of the continent’s biggest names are expected tenants for the development. The Mall of Mozambique “marked the commencement of an African expansion strategy of over two decades in the making” for McCormick. Across the continent MPD has secured prime retail space and commercial properties within numerous economic capitals and will be developing new urban centres within these African financial centres. This activity will undoubtedly have a ripple effort and extend to the development of smaller spokes within the secondary towns in those countries.
Some of the exciting projects that MPD is working on include the Mall of Tete, Mundial Shopping and the Mall of Zimbabwe. The Mall of Tete will be located in Tete Province in Mozambique. At 12,831 square metres of space, the development is penned for completion in 2015 with a proposed tenant list that includes grocery heavyweights Shoprite and Pick n Pay. Mundial Shopping will be in Luanda, Angola and at 56,376 square metres of retail space; possible leasers will include Checkers, Kero and Edgars. The Mall of Zimbabwe is situated in Borrowdale, Harare, Zimbabwe and will encompass 49,599 square metres of space.
As Africa rises and becomes a global economic competitor, “MPD remains true to its pioneering roots in developing some of the most significant retail and mixed-use schemes on the continent”. Without McCormick has played an integral role in opening the trade routes of Africa to the South African and to the international market.
Whilst McCormick has an exciting future in the African retail sector, the company remains highly-focussed on its local portfolio of new and existing developments.
MPD remains true to its founding principle of servicing the under-serviced areas and developing an extremely resilient pipeline of regional and community centres that promise to become the primary economic nodes for their regions.
“MPD manages all of the properties within its portfolio with a less-than-1 per cent vacancy factor and an average of over 21 per cent turnover growth across it”. Throughout the global financial crisis, the company’s portfolio maintained strong growth; an indication of its use of strong retail mixes and the firm’s attentive hands-on management.
As a market-leader within its niche of development in South Africa, MPD continues to deliver exceptional growth not only to the McCormick Group, but to all of its associates and investors who chose to partner with the company in the lucrative emerging markets of South Africa.
The foundation that McCormick Property Development has been built upon and remains dedicated to operating under includes the values of honesty, integrity and loyalty.
Trust, commitment and reliability and sincerity are also important; as is the ability to be adaptable and to always practice respect. MPD is a private company by design. Its success has been built upon recommendations from those who were not only impacted by the company’s capability in developing real estate but by its commitment in constructing entire communities which are economically prosperous. MPD’s mantra is “our word IS our bond” and the firm is constantly striving to deliver beyond its promise of excellence at all times.
While opening the trade routes of Africa to South African and global retailers, McCormick Property Development has established a solid history of delivery and is well poised to continue “Pioneering African Retail” into the future.