Movies - turnover at Cavendish

Posted On Thursday, 21 June 2001 03:01 Published by
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CAVENDISH Square, the Cape Town retail and leisure centre redeveloped by Old Mutual Properties, has become South Africa's top cinema destination, entrenching the success of shoppertainment concepts.

CAVENDISH Square, the Cape Town retail and leisure centre redeveloped by Old Mutual Properties, has become South Africa's top cinema destination, entrenching the success of shoppertainment concepts.
The leading position of Cavendish Square among Ster Kinekor and Nu Metro cinemagoers is reflected in attendance figures for January, February and March. These show Cavendish ahead of the V&A Waterfront, Tyger Valley and Century City's Canal Walk.
The Cavendish Square complex which first topped the national rankings in 1999, now attracts more than 20% of all moviegoers in the Western Cape.
Cavendish Square attracts some one million visitors a month. The centre reported a 20% increase in visitor traffic for 2000, based on vehicle entry statistics which showed two million vehicles passed through the parking garage over the year. The strong visitor flows and cinema attendances, coupled with extended trading hours, are impacting on turnovers, and highlighting the international yardstick that 30% of moviegoers make other purchases in shopping centres housing cinema complexes.
Ian Watt, managing director of Old Mutual Properties, says that customers are looking for a more fulfilling experience and sales of books, CDs and related items are showing a commensurate increase where the retailers are linked to successful cineplexes.
"Extended trading hours are also a factor, as seen by the success of Cavendish Square, the V&A Waterfront and Canal Walk as some of the top six South African cinema destinations. All have longer hours than normal."
Watt says a key challenge to retailers operating in shoppertainment-type centres is their adaptability to cater to the more conventional pressurised day-time shopping trip as opposed to the less-pressured leisurely after-hours expedition.
"We are finding that late shopping appeals to both working folk and youth markets who have time to relax and enjoy themselves in venues that make them feel comfortable and welcome."
The impact on turnovers was illustrated last year at Cavendish Square where there were 30% increases in membership of the centre's One Billion Rand and R500 million clubs - retailers achieving sales of greater than R22 500/sq m and R11 250/sq m respectively.


Publisher: Cape Business News
Source: Cape Business News

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