It is all about the experience for L2D

print

It is all about the experience for L2D

Published Date: 2019-09-16 | Source: Stephen Gunnion | Author: Stephen Gunnion

It is all about the experience for L2D

The shopping centre owner says the attraction of bricks and mortar stores complemented by unique experiential offerings continue to attract customers.

Liberty Two Degrees (L2D) is collaborating with the tenants of its malls to ensure that they keep up with online shopping trends. Although online retail in SA lags developed markets, the shopping-centre owner says it is growing in appeal. And it wants to make sure that its tenants can successfully blend their online and physical offerings.

In the meantime, its centres continue to gain trading momentum given their unique locations and tenant mix, despite the challenging retail environment that has resulted from the economic downturn. Trading density improved at its Sandton City, Nelson Mandela Square and Melrose Arch centres in the period to end-June, but was slightly weaker at Eastgate Shopping Centre and Liberty Midlands Mall. Botshabelo Mall in the Free State grew trading density by 11.2% and Liberty Promenade Mall in Mitchells Plain was up 2.8%.

Overall trading density rose 3.3% at the end of June, while the retail vacancy rate as at July was 2.3%. Including office properties, the group's overall portfolio vacancy rate sat at 4.6%.

It said its centres continued to attract new tenants, which would enhance the mix of brands available. The top five retail tenants taking up space at its malls include Woolworths, Edcon, The Foschini Group, Shoprite Checkers and Massmart - although Edcon has been reducing its floorspace.

L2D said the attraction of bricks and mortar stores complemented by unique experiential offerings continued to draw customers to its centres. A new baby care facility at Sandton City called The Baby Care Lounge would include breastfeeding booths, food warming facilities, nappy change stations and a kids play area. Sportscene's new flagship store also brought several experiential offerings to the centre, including a basketball court, a DJ booth and a tattoo parlour.

Its shares declined 0.7% to R6.90 on Friday.





Similar Stories