MEGACITY TURNS 15

Posted On Friday, 20 December 2002 02:00 Published by eProp Commercial Property News
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Megacity, the prime regional shopping centre in Mmabatho celebrates for it’s 15th birthday.

 

Property-Housing-Residential

Having survived storms in the disruptions of 1994,this prime property has survived the economic downturn in the region. 

Built and opened in November 1987, the centre started with national anchor tenants like Pick 'n Pay and O.K.

It also had a whole host of local entrepreneurs like Mr. Kgwathisi and others. In 1994 the centre was vandalized and had to undergo extensive refurbishment. 

This also provided an opportunity to realign the tenant mix. The period was unfortunately followed by the general national economic downturn that affected this region severely.

 Due to the economic downturn towards the late nineties a lot of retail tenants had to rationalize and review their operations.

This resulted in some shops closing and others repositioning in terms of size of shops by downscaling the size of their operations.

 The owners, Public Investment Commission awarded a five-year contract in April 2000 to a joint venture between JHI Real Estate Limited and the emerging property practitioners, Dijalo Property Services.

 According to Andrew Texeira, Property Management Director of JHI Real Estate, the joint venture provided an opportunity for the transfer of skills to the local people in Mmabatho.

 "Much training has taken place and the local computer systems have also been linked to the JHI network, to ensure that there is a smooth workflow".

The proper staffing of the office meant having a Technical Manager on site. 

 Lorraine Sillie was promoted to the position of Centre Manager and Dixie Molatedi is being trained into co-coordinating the Marketing and event Management.

"The emphasis is on utilizing and growing local talent and matching it with national expertise."

 Hosia Malekane, who is in charge of leasing, says that the first point of call was to commission a demographic study of the catchment area.

The need for this was because of the changes that had happened in this area over the past five years.

 "We had to canvass the opinions of local patrons in establishing the desired tenant-mix. Reasons for non-patronage and other developing shopper trends had to be identified.

After analysis of the study a leasing strategy was compiled which has taken two years to implement.  We also reviewed our asking rentals ".

 Strong anchor tenants such as Pick 'n Pay, Absa and Clicks in the east, Edgars, Jet and FNB in the middle, Woolworths and Standard Bank in the south and Shoprite and Diskom in the north form part of the tenant mix.

There is a strong representation of fashion, financial services, furniture and home care, doctors, pharmacies and optometrists.

 Andrew Teixeira adds that Megacity is a safe, clean and all weather one stop shopping facility that compares favorably with the best regional centres in the country. The Cinema is undergoing a facelift and is under new management.

"We intend repositioning the entertainment section around the Cinema by creating a food court. This area will open until late with a pub and restaurants to complement the Cinema."

 "Megacity is well positioned, as it is within walking distance for more than 60% of the working population in the region.

 

Last modified on Friday, 27 June 2014 15:34

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