With its turnover having increased by 45% since opening in April 1999, Lakeside Mall’s performance indicators are still showing substantial growth, exceeding that of many comparative centres.

Having passed from the rapid growth category of ‘new’ centre into the category of established shopping centre after its first five years of trading, Lakeside Mall has gone beyond sustaining its number of shoppers and the amount of money they spend.

Visitors to Lakeside Mall increased by nearly 8% year-on-year for December 2003 to 2004 with nearly 1,3 million visitors to the centre during the festive month last year, while the amount of money shoppers spent increased by 11% for the same period.

Furthermore, gift voucher turnover grew by a noteworthy 38% from December 2003 to December 2004.

“The fact that Lakeside Mall is still experiencing considerable growth, even after five years of trading, results from its co-owners’ constant critical evaluation of the mall’s performance and proactive addressing of all areas in need of attention,” said Neil Schloss, of Investec Property Group, which manages the 56,000m2 mall.

Lakeside Mall is performing strongly as an asset and compares favourably with similar retail property assets, points out Laetitia Steynberg of Investec Property Group, on behalf of the shopping centre’s owners.

Schloss explains that the increasing competition between fashion retailers, and the strong demand for fashion by Lakeside Mall’s customers had played a major role achieving consistently increasing turnovers.

Lakeside Mall’s fashion category turnover increased by 21% from 2003 to 2004.

Increased competition in this category has resulted from new fashion retailers such as Dunns and Hang Ten are now opening their doors in shopping centres. In addition shops like Ackermans and Pep are taking premises in regional shopping malls to a much greater extent than previously.

These new dynamics have encouraged established fashion retailers to protect and grow their markets, in instances through additional specialised offerings resulting in larger spaces requirements or separate stores. Others have refreshed and repositioned their brands such as Legit, Topic and Foschini Group’s Markham.

“All this creates stronger competition that, in this instance, has benefited both the consumer and Lakeside Mall, which has been able to accommodate new, rebranded, specialised and expanding retailers as a result of a recent tenant reshuffle, reconfiguration and targeted leasing drive,” explained Schloss.
 
During 2005 Lakeside Mall will remain focused on ensuring its offering remains current and meets consumer trends.

“The tenant mix at Lakeside mall is now largely sustainable thus tenant retention will be receiving high priority. Furthermore ensuring the latest offerings in terms of tenant specifications will also be a focus,” said Schloss.

Ends

For further information contact:

Laetitia Steynberg/Neil Schloss

Investec Property Group

Tel. 011 286 7000