Redefine attracts big box retailers to its centres

Posted On Friday, 08 June 2018 11:18 Published by
Rate this item
(0 votes)

JSE listed diversified Redefine Properties (JSE:RDF) has finalised leases with two international big box retailers set to debut at its centres later this year.

Stoneridge-Centre

International retailers looking to open and expand their presence in the country have already snapped up more than 37 000sqm of prime retail space across Redefine’s portfolio.

One of the world’s largest home improvement retailers, French based Leroy Merlin will open its first store in South Africa at Redefine’s Stoneridge Centre in Modderfontein while international sport goods retailer Decathlon will be opening at Centurion Lifestyle Centre and Wilgeheuwel, Little Falls to further grow its footprint in the country.

Leroy Merlin will occupy some 17 000sqm of space at Stoneridge Centre covering two floors, parking and materials yard on the lower level and showrooms, trading floor, storage area, office space as well as a pick up zone on the upper level. Redefine’s development team had to substantially remodel the specification document designed for an European environment to provide a new two level configuration to suit  the South African environment and ensure consistency of look and feel across Leroy Merlin’s global stores.

Nashil Chotoki, National Asset Manager, Retail at Redefine Properties says, “The area surrounding Stoneridge Centre represents a prime location for an offering like Leroy Merlin. Over and above the established estates and precincts, massive housing growth is predicated for areas like Greenstone, Modderfontein and Linbro Park.”

Leroy Merlin stores offer a variety of internationally-sourced products with specialised advice and training for customers of any level of DIY expertise. Their stores normally carry anywhere between 30,000 – 60,000 products with Leroy Merlin’s customer focused employees able to offer sound advice on solutions, products and installations.

Cedric Sennepin, CEO of Leroy Merlin SA, says, “It is important for Leroy Merlin to work with serious partners such as Redefine and we are confident that we developed a first store that will attract customers from far.”

The run off benefits of bringing big box retail to communities is more jobs for local people as well as spill over traffic for other outlets in the area. Directly and indirectly the home improvement retailer will create jobs for more than 200 people.

“Big box retail solutions offer a greater diversity of options for shoppers. Consumer trends point to greater support for such convenience centres and we feel that retailers like Leroy Merlin & Decathlon enhances the “convenience” of some of our assets and create a point of differentiation,” says Chotoki.

“Leroy Merlin in combination with other new retailers at the centre will change the profile of the node.”

Spending on home improvement continues to remain resilient despite a sluggish economy as consumers favour DIY options to save money. Millennials and baby boomers are choosing to update their homes instead of trading up and in the process fast fashioning a new trend.  

“Technology has inspired DIY projects. Millennials today simply google a solution, buy products from home improvement stores to save time and money,” adds Chotoki.

“We are proud to be leasing space to global brands like Leroy Merlin & Decathlon. The combination of top quality assets and unique locations is an irresistible proposition for tenants in any economic cycle. We hope to further build a lasting partnership with these brands and are currently exploring other opportunities in the Redefine portfolio.”

Redefine’s two lease agreements with Decathlon cover approximately 5 000sqm. The sports lifestyle category has been the fastest growing retail category in terms of sales and is largely driven by a healthier lifestyle being adopted by South Africans.

“Decathlon’s offerings - products and price points, suit local tastes while the instore “experiential” environment like mini football field and netball courts is fast proving to be a crowd pleaser,” says Chotoki in conclusion.

“Retailers continue to seek new neighbourhoods where they can achieve great revenue and our projects in burgeoning nodes like Modderfontein and Little Falls offer that density of new traffic that can support their businesses.”

Redefine is also in talks with H&M and other international retailers across the larger retail formats.

Last modified on Friday, 08 June 2018 11:35

Most Popular

Africrest Roars Proud With Its Latest Office To Residential Conversion - ‘The Leo’

Apr 29, 2019
 THE LEO
This month, Africrest Properties opened their latest residential conversion project up…

John Rabie launches European development company with R1,4b project in Lisbon

Apr 29, 2019
 JOHN RABIE
John Rabie, one of South Africa’s most successful property developers, has recently…

Appeal court ruling against high interest rates charged by bodies corporate

Apr 23, 2019
MICHEAL BAUER
The recent ruling by the Supreme Court of Appeal where the body corporate of Gardens…

Request for Proposals for the Lease and Development of Properties

Apr 29, 2019
PRASA hereby invites proposals from potential tenants to lease and develop/upgrade…

If a bond approval is included as a suspensive condition in an offer to purchase, does this conclude the terms ans conditions thereof?

Apr 23, 2019
MICHEAL BAUER
In most cases when a person purchases a property, he will have to apply for a mortgage…

Please publish modules in offcanvas position.