Shoprite, one of South Africa’s biggest national chains, has announced that it will be opening a store in Signet Terrace, Lenasia’s first major shopping centre.

A spokesman for Shoprite said their 2,500m2 store would open with the opening of Signet Terrace in October 2004.

Having Shoprite as a major draw card to the CBD will massively strengthen the turnover of tenants in the R62 million shopping centre as well as retailers in the surrounding shops, says Gavin Tagg of Retail Network Services, who is the retail consultant to developer Daya Naidoo of Silverbird Property Development.

“Signet Terrace can also strengthen the social cohesion of the community. There will be restaurants and coffee shops for people to meet at, and there will be more people making use of the various government and civic buildings in the area.”

Signet Terrace brings major national stores to Lenasia’s business center that have not been there before, and brings back spending that is currently lost to other centres.

Its retail facilities will also be a catalyst for further economic growth that will draw shoppers from all of Lenasia as well as Eldorado Park, Ennerdale and Southwestern Soweto. This will further benefit both businesses and the community.

Daya Naidoo, whose company is based in Vereeniging, says he intends getting more involved in development in Lenasia. “Signet Terrace will trigger further development and we want to be part of that. We foresee growing office demand in time and perhaps further high density residential development that could turn Lenasia’s CBD into the kind of mixed use community that is developing in cities around the world.”

For further information contact :

Gavin Tagg                      (011) 807-6995