The portfolio also includes Menlyn Park Shopping Centre, Pretoria; Cavendish Square, Cape Town; The Zone @ Rosebank, Johannesburg; Riverside Mall, Nelspruit; Vincent Park Shopping Centre, East London; Cascades, Pietermaritzburg; and Bayside Centre, Cape Town.
Sales growth across the major centres in the portfolio in 2005 averaged 16%, a gain on the 13% increase in 2004, said Ben Kodisang, MD of Old Mutual Properties.
"The portfolio performance for 2005 extends the record of consistent real growth in our low inflation environment. It shows retailers at the centres are enjoying buoyant trading that is ahead of national yardsticks," commented Kodisang.
"Gateway's impressive showing follows a successful 2004, when sales by its retailers increased by 24.7% after an expansion and opening of stores by major chains."
Turnover for the year improved by 17% at Riverside Mall, the Nelspruit centre where a 150 million rand expansion was completed in October, and by 16% at Vincent Park, the East London centre where a 100 million rand redevelopment and new mall is due to be completed in 2007.
Next best were Bayside (up 15%) and Cavendish Square, which had 11% growth off a high base.
Kodisang said December trading across the portfolio was 20% up on 2004 levels.
"The greatest sales growth for the month, in percentage terms, was shown by Riverside Mall. The mall increased December sales by 42%, reflecting the success of the expansion. December sales at Gateway grew by 27% and by 28% at Cascades, the convenience lifestyle centre in Pietermaritzburg."
The largest increase in spend per head for 2005 - 52% - was at Cascades, where Woolworths joined other national retailers Checkers, Clicks, Milady and CNA during the year. Other significant increases in spend per head were achieved by Menlyn Park (up 19%), Gateway (15%), and Bayside (14%).
According to Kodisang, the largest number of visitors to any centre was achieved by Gateway. The 2005 foot count was 21 million, 19% up on 2004, and included 2.9 million in December, a 10% gain. Other good gains in foot count were achieved by Riverside Mall, up 7% for the year, and Vincent Park, up by 8%.
I-Net Bridge
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