Aim is to foster community support
Posted On Thursday, 15 May 2003 02:00 Published by eProperty News
AN EMERGING trend in the competitive world of shopping centre management is to find niched market positions for community shopping centres to ensure their continuing support.
Examples are expansion and refurbishment projects at Hatfield Plaza in
Pretoria and La Lucia Mall, outside Durban, both managed by Investec
Property Group.
Whereas the Hatfield Plaza revamp is focused on enhancing the centre's
existing market position, the recently completed R74m La Lucia Mall
expansion project was aimed at extending and diversifying the selection of
retail space at the centre.
The R24m Hatfield Plaza refurbishment seeks to improve not only the centre
itself but the wider shopping centre precinct.
The focus is on increased functionality, facilities and customer
friendliness.
It includes a realignment of parking access and heightened security systems,
including more effective lighting.
Inside the centre, the main extension will be to the existing Pick 'n Pay
store, which the retailer has opted to expand.
The 33486m² La Lucia Mall is located in Durban's fast-growing northern
suburbs.
It is owned by Growthpoint Properties, a listed property loanstock company
managed by Investec Property Group.
Greg de Klerk, of Investec Property Group, says the expansion, which
includes an additional 2000m² of space, will see some new shopping options
being offered.
La Lucia Mall will also be meeting the needs of its national retailers, he
says, as many of them have requested additional floor space to expand their
offerings to customers.
Meanwhile, September 25 has been scheduled as the first trading day for
Liberty Midlands Mall in the Maritzburg suburb of Chase Valley a new R280m
regional shopping centre developed by Liberty Properties.
Jim McLean, MD of Liberty Properties, says work started in the second half
of last year on land purchased from a consortium of the RMB and Investec
Groups.
Liberty has also purchased an adjacent site from the local authority to
provide for future second-phase expansion.
McLean points out that as far back as 10 years ago Maritzburg was identified
as a potential position for a regional shopping centre.
Surveys indicate that the majority of people in the city and the surrounding
Midlands area travel regularly to Durban and environs to do their shopping.
The centre will consist of about 40000m² of rentable space, with the ability
to increase this eventually to 60000m² about half the size of major centres
such as Sandton City and Eastgate.
As part of the development, Liberty is providing new road infrastructure,
with additional off-ramps from the N1 freeway, a large interchange and the
doubling of a two-lane road in the vicinity to four lanes.
About 80% of Liberty Midlands Mall is let to national chain and anchor
stores, with the balance to smaller independent shops.
Letting is currently at more than 90%, says McLean.
Major anchor stores are Woolworths, Game and Pick 'n Pay. There is also a
cinema complex
"I believe there are one or two specific areas where a reasonably sized
shopping centre can serve the community well and be successful, and
Maritzburg is one of them," says McLean.
Publisher: Business Day
Source: Business Day
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