SterKinekor to vacate its La Lucia Mall premises

Posted On Wednesday, 29 January 2003 10:01 Published by
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Sterkinekor is quitting Durban's up-market La Lucia Mall, a result of the squeeze Old Mutual Property's R1,4bn Gateway Theatre of Shopping is putting on the city's shopping and entertainment market.
Sterkinekor is quitting Durban's up-market La Lucia Mall, a result of the squeeze Old Mutual Property's R1,4bn Gateway Theatre of Shopping is putting on the city's shopping and entertainment market.

When it opened two years ago, Gateway brought to the market 110000m² of retail space, complemented by 8000m² in outdoor entertainment areas and 18 cinemas. The film house's move is a reaction to radically changed market conditions.

Greg de Klerk of Investec Property Group, a fund manager to Growthpoint Properties, which owns La Lucia Mall, says SterKinekor and Growthpoint have decided that closing the mall's cinemas 'will be of mutual benefit. This allows La Lucia Mall to use space more effectively, in line with our repositioned focus on sophisticated shopping, rather than entertainment.'

National clothing retailer Stuttafords will be moving into its premises.

A total of 1500m² earmarked for Stuttafords is to undergo five months of reconstruction, starting next month. The makeover is expected to complement a R74m mall renovation project that is scheduled for completion in March.

The repositioning of La Lucia Mall has seen the addition of a number of new tenants.

Clicks and Boardmans are also planning to expand into newlook stores in the mall.

Business Day


Publisher: Business Day
Source: Business Day

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