Glimmer of hope from results for mall owners
Shopping centres must spend more time and money on tweaking product offering and tenant mix – or lose customers
SA consumers may have regained some appetite for retail therapy, albeit tentatively for now. Liberty Two Degrees (L2D), which owns landmark Gauteng malls including Sandton City, Nelson Mandela Square, Eastgate and Melrose Arch, recently reported a decent set of results for the first half of 2019, supported by improved trading at some of its shopping centres.
The real estate investment trust (Reit) achieved trading density growth (sales per square metre, one of the key metrics for the performance of retail centres), of an average 3.3% for the six months to June — up from 2.5% in December.