Nearly 10 million shoppers visiting Lakeside Mall, Benoni, during 2003, increased the amount they spent by healthy proportions throughout the year, with December 2003 representing a noteworthy 15% increase in turnover on December the previous year.

This signifies the dramatic turnaround experienced by this 56 000m2 regional shopping centre, which experienced an annual growth in turnover of 7,2% for 2003 as compared to 2002.

Defying the general trend of diminishing or stagnant footfalls experienced by regional shopping centres, the number of shoppers to the Investec Property Group managed Lakeside Mall increased by 14% during 2003, with an additional 1,4million shoppers visiting the mall compared to 2002.

December 2003 represented a bumper retail month for Lakeside Mall with turnover increasing by 15% from 2002 to 2003 and the number of shoppers visiting the mall rising over 13.7% month on month. Some stores reported increases in December turnover of up to 72% from 2002 to 2003.

Increased occupancy and a new tenant mix, strategically selected for Lakeside Mall's diverse socio-economic market, is credited as the catalyst for this positive surge in trade and popularity.

Investec Property Group took over the management of Lakeside Mall in August 2002 and, with the support of the mall's co-owners, achieved a bold initiative to turn the mall around by dramatically reconfiguring its leasing and tenant mix and, in the process, secured over 20 new leases -- within a year.

"Getting the right tenant mix is vital to the success of any shopping centre and needs to be given continuous priority. Tenant mix should be constantly evaluated and adjusted to meet market needs, even if implementing appropriate changes means a financial outlay by the owners," explained Laetitia Steynberg Fund Manager, Investec Property Group.

@ Home, Sheet Street, Red Square, Milady's, The Post Office, Pep, Hang 10, Telkom, Ackermans Home Comforts, King Pie, and East to West Shoes are included in the top retailers that began trading at Lakeside Mall during the past year.

This extensive leasing and reconfiguration project, which saw existing tenants relocating and upgrading, creating competitive shopping nodes, has also attracted the attention of national retailers, to the extent that Lakeside Mall is unable at this stage to accommodate their space requirements.

Ends

For further information contact:

Laetitia Steynberg

Investec Property Group

Tel. 011 286 7000

or

Marketing Concepts

Sandy Davey

Tel: +27 11 880 2213

Fax: +27 11 880 2570

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.