Old Mutual reports 12% growth in its centres
Posted On Monday, 01 March 2004 02:00 Published by eProperty News
SALES for 2003 across the major shopping and entertainment centres in Old Mutual's national retail property portfolio showed growth of 12% over 2002
SALES for 2003 across the major shopping and entertainment centres in Old Mutual's national retail property portfolio showed growth of 12% over 2002, matching that reported by the Retail Liaison Committee, the industry body that tracks performance across a variety of merchandise categories.
Top performers among the complexes, which draw more than 100 million shopper visits a year, were Cavendish Square in Cape Town and Gateway Theatre of Shopping at Umhlanga, said Brent Wiltshire, retail executive of Old Mutual Properties.
The other centres are Menlyn Park, Pretoria; The Zone @ Rosebank, Johannesburg; Vincent Park, East London; Riverside Mall, Nelspruit; and Cascades, Pietermaritzburg.
Wiltshire said Cavendish Square where a 7 000m2 Woolworths and additional stores were opened during the year after a R90 million revamp, improved sales by 30% on the 2002 figure, with a 41% increase in December trading.
Spend per head grew 24% for the year and in December.
"The buoyant festive trading enjoyed by the retail sector across South Africa was also reflected in December turnover at Gateway increasing by 16.4% over the 2002 figure. Full year growth was on par with the RLC figure of 12.3%.
"With 2.3 million people visiting Gateway during December, the spend per head showed 15% growth."
Wiltshire said annual and festive season growth figures in the portfolio were in line with those reported recently by leading retailers who have benefited from increased consumer spending as a result of lower interest rates and inflation.
He said Menlyn Park in Pretoria, the top performing centre in the portfolio in 2002, had continued its growth off a high base in 2003, with more than 11% growth for December and full year trading.
"There was also significant festive season growth at The Zone @ Rosebank in Johannesburg, with the December spend per head increasing by 13%."
Publisher: Weekend Argus
Source: Weekend Argus
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