Liberty and L2D’s Stuttafords hangover is nearly over — now for Edcon
South African landlords have let most of the space vacated by the defunct department store, and Liberty and L2D are in talks with Edcon, which is ‘rationalising’ its leases
The hangover from the demise of one of SA’s oldest department chains, Stuttafords, appears nearly over for South African landlords. The Liberty Group and its listed property subsidiary, Liberty Two Degrees (L2D) have finally managed to let space vacated by Stuttafords. Stuttafords became defunct last year, and the vacated space had been costing the group in lost income. Liberty and L2D have stakes in two of SA’s premier shopping centres, Sandton City and Eastgate. Other property groups such as Hyprop Investments and the Pareto group have also let the space previously occupied by Stuttafords. Liberty and L2D are now looking at how to prevent the down-scaling of another under-pressure retailer, Edcon, from affecting their profits. Hyprop had Stuttafords stores in The Mall of Rosebank, Clearwater Mall and Canal Walk. Financial director Laurence Cohen said almost all of the space vacated by Stuttafords had been filled. "All we have left is about 1,000m² of the store in Clearwater Mall, ...
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