Cape Town is to get SA's first "outlet" retail centre devoted to high-profile brands, but selling last year's fashions at big discounts. Tenants already committed to 22 000 m² Sable Square, next to Century City, include Adidas, Reebok, Tommy Hilfiger, Bronx, Fila, BondiBlu, JK Kids, nino's and Ske chers. It is being developed by listed property fund Spearhead.
CEO Mike Flax says the concept started in the US in the 1980s. There are now more than 500 centres in the US and Europe. The concept has become so popular, he says, that the Colonnades Outlets in southern Florida, US is the state's biggest tourist attraction after Disney World.
Discounts at Sable Square will be a minimum of 30%, he says. "But these are not factory shops selling rejects. They are top-quality items."
The R200m open-air centre is designed by architects Bentel. It will also have restaurants, cinemas and a Pick 'n Pay family store. The first phase is scheduled to open in September.
Financial Mail
Publisher: I-Net Bridge
Source: I-Net Bridge
