Tills ringing after Maynard Mall revamp.

Posted On Monday, 17 February 2003 10:01 Published by
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REDEVELOPMENT and a revamp of the tenant mix has helped deliver a 46% increase in turnovers for 2002 at Maynard Mall.

REDEVELOPMENT and a revamp of the tenant mix has helped deliver a 46% increase in turnovers for 2002 at Maynard Mall, the Wynberg shopping centre owned by Shops for Africa Limited.

Growth in turnovers at Maynard Mall was ahead of the two other largest Shops for Africa properties, the Cleary Park shopping centre in Port Elizabeth and the Golden Walk complex in Germiston, says Andy Draai, portfolio manager at Catalyst Property Asset Managers.

The SFA portfolio of 16 shopping centres, servicing predominantly high growth and well-populated previously disadvantaged communities, is managed by Catalyst.

December sales at Maynard Mall were 57% ahead of the corresponding figure for 2001, with two tenants having doubled turnovers since December 1999, before the redevelopment took place, says Draai.

'What is significant about the Maynard Mall performance is that, although there was a marginal increase in foot traffic, the spend per person is growing substantially. The same customers are coming back and buying more or spending more time at the centre,' said Draai.

'Along with the redevelopment, which entailed a 1 517m2 expansion, we relocated shops as part of our tenant mix strategies. As a result of these moves, one tenant has reported a trebling of turnover between December 2001 and 2002.'

Maynard Mall's major tenants are Game, Shoprite and Woolworths.

Other national retailers include Jet, Musica, Markhams, Truworths and Mr Price who are complemented by a range of specialist independent retailers.

 The percentage of national retailers at Maynard Mall is 72% and 59% for Shops for Africa as a whole.

Draai says turnovers at Cleary Park, which Shops for Africa took over in a R57 million deal in September, increased by 25% over the four months to December, with one major tenant increasing December sales by 58%. Golden Walk which has Shoprite, Pick 'n Pay, Woolworths and Edgars as major tenants, remained the most visited centre in the Shops for Africa portfolio in 2002, says Draai.

It continues to draw more than a million shoppers monthly, as a result of its excellent location in the Johannesburg transport network.


Publisher: Weekend Argus
Source: Weekend Argus

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