Nick Wilson

Property Editor

JOHANNESBURG’s Glen Shopping Centre, which is 75,15% owned by Hyprop Investments, is undergoing an expansion at a cost of R370m.

About 19000m² will be added to the existing 55000m² of space at the centre in southern Johannesburg.

Speaking at the media launch last week, Hyprop MD Pieter Prinsloo said although there had been a weakening in the general retail property cycle, The Glen had many defensive qualities because of its size and demographics of its shoppers.

Prinsloo said its shoppers were mainly middle-income customers who had sustainable earnings.

GM at The Glen Roy Licht said the expansion would take 18 months to complete, and was tenant driven as the centre’s market wanted “aspirational” shopping.

New tenants in the centre would include shops such as Guess, Hush Puppies, Esprit, Nine West, Exclusive Books and Coricraft.

The new extension would be anchored by a 4000m² Game store and would include Dischem, Wetherlys and Incredible Connection.

Licht said an economic down cycle was the ideal time for expansion because it prepared the platform for growth in the “inevitable recovery and subsequent up cycle”.

He said that because of the economic downturn shoppers were much more selective.

Licht said there were fewer “shopping bags” and more frequent visits between 5pm and 7pm. Nevertheless, as far as space was concerned, The Glen enjoyed a monthly turnover of R100m on 48000m² of space.

The expansion would take the form of a three-level structure, and add 1100 new parking bays to the existing 3000.

Source: Business Day