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Property investment portfolio

Retail properties Manufacturing properties Environmental sustainability
  • This portfolio affords strategic advantage to the retail brand operations by ensuring stores are well located, well-presented and maintained, and contribute to an inspirational shopping experience. The portfolio is continuously evaluated and enhanced to ensure optimal returns.
  • The Group's manufacturing operations comprise well-maintained state-of-the-art factories that are supplied with high-quality raw materials sourced from productive quarries in close proximity to the plants.
  • The Group's sustainability agenda is promoted through the use of cost-effective, energy-efficient practices in the construction of new buildings and the renovation of older buildings. Optimal use of natural light, solar technology, new-generation lighting, water-saving taps, rain water harvesting, boreholes and environmentally sensitive building materials is prioritised.
Target market
  • Italtile Retail, CTM, TopT and U-Light store networks.
Key statistics   2023   2022  
Total number of stores   209* 206*
– Italtile Retail   14* 14*
– CTM   97* 95*
– TopT   92* 89*
– U-Light   6* 7*
– ELK#   6   3  
Ceramic Industries  
Number of factories   8   8  
Number of quarries   6   10  
Retail property capex incurred (new and refurbishments) R338 million   R398 million  
Portfolio changes  
– Properties acquired   7   6  
– Properties sold   2   1  
New stores opened  
– Italtile Retail   0   1  
– CTM   2   4  
– TopT   5   3  
– U-Light   0   2  
– ELK#   3   1  
Stores closed  
– TopT   2   3  
– U-Light   1   2  

* Excludes webstores.
# Lease in Group-owned property.

2022/23 priorities Scorecard
  • Continue roll out of stores to gain market share and service new markets (10 - 15 new stores).
  • Sell unproductive sites to ensure the portfolio remains healthy and retains optimal value.
  • Review opportunities to convert leased sites to owned properties for high-performing TopT stores in proven markets.
  • In the context of materially higher land and construction costs, improve returns through optimising store size and construction costs. Inflation remained very high on materials and building costs, providing significant challenges.
  • Continue to maintain and refurbish older properties in the portfolio to ensure relevant market value and support customer experience.
  • Drive green initiatives to improve environmental sustainability and reduce dependency on municipal services.
  • Continue to source and develop new suitable sites in Southern and East Africa to facilitate the Group's expansion programme.
  • Continue to support the Group's expansion programme by incorporating ELK offerings into our existing properties where appropriate.
2022/23 major achievements 2023/24 priorities and prospects
  • Goal to sell unproductive sites was achieved with the sale of two properties and the lodging of transfer of another.
  • Expanded the Group's footprint in East Africa with the opening of CTM Nakuru in Kenya.
  • Goal to convert leased sites to owned properties for high-performing TopT stores was achieved with the successful sourcing of three new sites.
  • Opened ELK stores in Westgate, Bryanston and Southgate in Gauteng.
  • We have commenced installing smart electricity and water meters in our stores. Thus far installations in Gauteng and the Eastern and Western Cape have been completed.
  • Increase returns by optimising store size and input costs; relocating non-performing stores; and ensuring keen negotiations on rental renewals.
  • Sell non-profitable/non-viable sites.
  • Drive green initiatives to ensure environmental sustainability and reduced dependency on municipal services through our programmes to implement solar and battery back-up, rain water harvesting and boreholes.
  • Continue to source and develop new suitable sites.
  • Continue to support the Group's expansion programme by incorporating ELK offerings into our current properties.