A quick drive through Johannesburg’s inner city central business district on a busy day provides a window to a vibrant economy dominated by small traders, street hawkers, restaurants, pubs, night clubs, liquor stores and a whole host of small businesses.
The city is a melting pot of stiff economic competition of businesses providing similar products or services, closely packed together, vying for customers. If British economists and laissez-faire proponents Adam Smith and David Ricardo were still alive today they would be impressed to see their brand of economics in action in the CBD, the city once roamed by the Randlords, who built its economy after the discovery of gold in 1886 in the city’s outskirts.
The last time the government attempted to regulate trade in the city centre violence broke out. In August 2019 the SA Police Service and Johannesburg metro police conducted a law enforcement operation to confiscate illegal and counterfeit goods from traders and street vendors.The traders and vendors, mainly foreign immigrants, did not take kindly to their trade being interfered with.
In 2018 former Johannesburg mayor Herman Mashaba came up with a plan to release 500 hijacked or abandoned inner city buildings to property investors and financiers. The plan revolved around consolidating the buildings into mixed-use developments for commercial and business use, student accommodation, and low-cost housing units.
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