Another two major shopping centres in the portfolio managed by Old Mutual Properties are being expanded as lively consumer spending continues to buoy the retail sector.
The latest expansions, at Gateway Theatre of Shopping, Umhlanga, and Menlyn Park Shopping Centre, Pretoria, are yet another indicator by chains of their confidence in the centres. A R130 million redevelopment and expansion of Riverside Mall in Nelspruit, which is drawing a host of top retailers into an additional 13 000m² of space, is due for completion in November.
Sportsman’s Warehouse and Boardman’s, a member of the top-rated Edcon group, have chosen to open stores at Gateway, which posted a 24,7% increase in sales in 2004. The Sportsman’s Warehouse store of 1 245m² is scheduled to open in October. Boardman’s aim to begin trading in their 963m² store by August.
The choice of Gateway as a location for these stores further enhances the centre’s position as the major retailing and entertainment venue in KwaZulu Natal.
Last year, the Edcon Group boosted its presence in the KwaZulu Natal market by opening a 6 000m² Edgars store and a 1 000m² Jet store at Gateway. Game, the largest retail discount chain in the Massmart group, opened a 6 600m² store.
At Menlyn Park, Edgars is expanding its store by 20% by adding 1 261m² of space. Trading in the expanded area is scheduled to begin at the end of October.
Ends
ISSUED FOR Old Mutual Properties
BY Michael Kerkhoff & Associates
INQUIRIES Brent Wiltshire (021) 530 4500
Michael Kerkhoff (021) 424 5280
Publisher: Old Mutual Properties
Source: Old Mutual Properties
