South African shopping centre turnovers for Q1 2011 indicate renewed consumer trust and a yield to discretionary spending to some degree.
According to the South African Property Owners Association (Sapoa) and Investment Property Databank (IPD) retail trends Q1 2011 report, the December 2010 retail sales spike was often more in line with historic trends at approximately 21 percent.
The study states that despite the fact that the issue of people visiting shopping centres has been trending downwards for years, the ordinary number of money that each person spends has increased steadily over time in nominal terms.
In material terms, people are spending less with each visit than they were 5 days ago.
Retail sales remained positive with a 5.1 percent year-on-year (y/y) increase compared to a -0.6 percent contraction at the like point in 2010, according to the report.
It is against this ground that regional shopping centre Hyde Park Corner in Hyde Park, Johannesburg continues to reinvent and animate its retail offerings.
Hyde Park Tree is owned by Johannesburg Stock Exchange (JSE) listed property company, Hyprop Investments Limited, the third biggest property company on the JSE by market capitalisation.
The shopping centre recently announced new tenants including international brand Burberry, which will give its South African flagship store in December.
Porsche Design luxury brand fashion and lifestyle products and Culinary Hyde Park, offering premier imported high-end cooking equipment and accessories will establish their respective stores in October.
Sarah Pacini, located at the upper mall, is an external style icon which has chosen Hyde Park Corner as its luxury home address.
Hyprop chief executive officer, Pieter Prinsloo says Hyde Park Tree is the renowned luxury shopping destination of selection for discerning shoppers in the northern suburbs of Johannesburg.
Prinsloo says the shopping center has many brand tenants and a list of those host flagship stores in the centre.
Some of the tenants at the heart include Pick n Pay (4 343 square metres), Woolworths (2 800 square metres, incorporating Woolworths Food, Woolworths Caf and full collection of Trenery and Country Road), Dion Wired (1 919 square metres), CNA (1 097 square metres), Exclusive Books (1 031 square metres, flagship store ), Clicks (801 square metres), Look `n Listen (600 square metres) and flagship Burberry (330 square metres) scheduled to give on 1 December 2011.
"The tone and aspirational value of the new tenants maintain the centre`s reputation as the luxury shopping destination of quality for the northern suburbs of Johannesburg."
Asked what sets it aside from the iconic Sandton City Shopping Center in Sandton, Prinsloo says Hyde Park Tree is a niche boutique-style shopping center with an established patronage attracting discerning luxury shoppers who enjoy fine goods and products.
"The differentiator of the center includes the boutique stores which are owner-managed and offer specialised service," says Prinsloo.
He explains that the esthetics of the centre add to its distinction with sophisticated, understated luxury and quality being the overriding aesthetic ethos.
Also, he says the centre`s specific marketing strategy includes the hosting of specialised luxury events and aligning with luxury brands to promote the overall shopping experience for Hyde Park`s cache of shoppers.
A bit of large-scale refurbishments were recently completed and unveiled to sustain interest at the centre. National anchor tenant Pick n Pay added extensive offerings to its new look store and fashion store Earth Addict brightened its place in time for spring.
Fine lingerie retailers The French Shop and designer bathroom retailer Victorian Bathrooms expanded and revamped their stores.
Exclusive Books and eatery JB Rivers are in the work of upgrading their respective premises. These will be realised in October.
Hyprop, owner of premium quality shopping centres in South Africa reported an addition in distributions and net income for the six months to June.
Prinsloo says 75 percent of the company`s entire property portfolio consists of premium shopping centres characterised by high occupancy levels, a diverse tenant base with strong national profile and the bulk of its centres situated in Gauteng and the Western Cape.
"Hyde Park Tree is set to stay a guide for discerning retailers of world-class brands and fine goods enabling the substance to hold full occupancy notwithstanding current economic uncertainty," adds Prinsloo.
Hyprop owns among others, the super regional mall, Canal Walk in Cape Town, Clearwater Mall in Gauteng, Southcoast Mall in Durban and Atterbury Value Mart in Pretoria.
The Sapoa/IPD Trends Report Q2 2011 states that traditionally and historically, retail as a sphere has provided the best investment through a combination of the highest and long term average as well as the lowest volatility in returns.
This sphere tends to take the other sectors through the property cycle. In 2009, retail was the only sector to accomplish positive capital growth highlighting the resiliency of the sector. In 2010, retail produced the strongest growth at 4.4 percent. - Denise Mhlanga
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