International retailers including Sunglass Hut International Inc. and Spanish clothing chain Mango have signed leases to open branches in Ghana, seeking to take advantage of rising consumer spending in Africa.
“We are also in talks with other various international retailers to take up space in Ghana,” Vicus Bouwer, a leasing manager at Johannesburg-based Broll Property Group, said by phone from the west African country. He declined to name companies that haven’t yet signed leases. Sunglass Hut, owned by Milan-based Luxottica Group SpA (LUX), operates in 12 countries including South Africa, according to its website.
South African retailers such as Woolworths Holdings Ltd. (WHL) and Truworths International Ltd. are already expanding in Ghana and other sub-Saharan countries to offset a domestic economy that contracted in the first three months of this year. Broll said in November that developers will more than double the amount of retail space available in the Ghanaian capital, Accra, within two years, pushing down prices.
Northern-hemisphere fashion stores have been extending their networks into Africa, Australia and other new markets, as consumer spending has benefited from buoyant mining investment.
Broll’s Ghana unit, the nation’s largest property manager, is managing and leasing West Hills mall, which opens in November. It also manages space at the capital’s Accra Mall.
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