A modern South African township, or ‘kasi’, has a dynamic economy of informal cash businesses, which fulfil the daily needs of its residents: spaza shops, street hawkers, barbers, taxis and taverns. Even though little of this kasi economy is captured by the official data, it is widely accepted that township GDP has grown at a staggering rate over the last decade. South African listed property companies with retail assets serving lower-income communities can confirm that their retail tenants have better weathered the economic difficulties that have followed Covid than their higher-LSM competitors.

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