Canal Walk's turnover soars to R252m.

Posted On Monday, 17 February 2003 10:01 Published by
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CANAL Walk trading in December continued to outperform expectations with turnover up 30% at more than R252 million, against R192m the previous December.

CANAL Walk trading in December continued to outperform expectations with turnover up 30% at more than R252 million, against R192m the previous December.

Mickey Radowsky, managing director of Canal Walk Ltd, said the December 2002 turnover figures had exceeded their best expectations. 'We would have been happy with a 25% increase in turnover as this had been off a relatively high base.

To have achieved R252m, which is R100m more than the turnover we did in December 2000 (the centre's first December trading period), is exceptional,' he said.

Strong growth had been seen across the board including the turnovers of small independent line traders.

At 2 169 000, visitor numbers in December were up 160 000 over the previous December while the per capita spend has almost doubled from just under R60 when the centre first opened to R116 in December 2002 and trading densities (turnover per square metre) had rocketed from R1 330 in November last year to R2 340.

'For a shopping centre as young as Canal Walk, these are outstanding results. Shopping centres have a life cycle and in terms of its life cycle Canal Walk is still in the early childhood stage with huge growth potential ahead.'

Radowsky said in spite of the large number of shoppers in December, often exceeding 100 000 per day, the centre 'never felt overcrowded or congested'.

'This is thanks to its magnificent design and large, airconditioned public spaces and malls, which makes Canal Walk one of only a handful of shopping centres in the world that can comfortably handle this number.' He said as a result of the strong growth enjoyed by the shopping centre since opening, the 'sceptics waiting in the wings' had begun emerging and the centre was filling up.

From April 1 last year to January 20 this year, 69 leases were signed, of which half were for new tenants.

The balance of leases signed were for tenants relocating in the centre. 'We have additional new leases under negotiation and expect to have more than 114 000m2 of retail space let by the end of the current financial year to March 30.'

He said the office towers above Canal Walk had benefited from the success of the shopping centre with only one of 18 floors remaining to be let and the vacancy factor now standing at a 'very acceptable 5%'. Radowsky said Canal Walk was continuing to grow market share and had succeeded in changing shopping patterns.

The customer base was reflecting a growing number of shoppers from the Southern and Atlantic suburbs as well as the City Bowl 'who have come to realise that due to its central location it is not even a 15 minute drive away'.

Publisher: Weekend Argus
Source: Weekend Argus

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