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Liberty Two Degrees has shopping mall recovery under close scrutiny

Liberty Two Degrees said the relaxed pandemic restrictions had stimulated early signs of a retail recovery, and average footfall for the four months to April was 101 percent above that for the same month in 2019. Picture: Karen Sandison/African News Agency/ANA Liberty Two Degrees has shopping mall recovery under close scrutiny By Edward West Share LIBERTY Two Degrees (L2D) said the relaxed pandemic restrictions had stimulated early signs of a retail recovery, and average footfall for the four months to April was 101 percent above that for the same month in 2019. Comparison with 2020 was avoided due to the lockdown, the group said in a pre-close statement Friday.

Spending increasing at malls

File: Shopping has been increasing at malls. Pixabay JOHANNESBURG - Mall foot traffic is starting to flow again. One of the country s most popular malls, Sandton City, has seen more shoppers since lockdown restrictions were eased.   Owner Liberty Two Degrees says in a trading update that Sandton City shoppers spent 40 percent more in March than they did in the same period last year. The group s other malls, including Melrose Arch, Midlands Mall and Liberty Promenade also showed a remarkable recovery. Liberty says luxury brands contributed 8 percent towards the groups turnover even though stores selling these items only take up one percent of floor space in its malls.

Sandton City records the best March in five years as shoppers stream in for luxury brands

This March, Sandton City recorded the highest turnover than in any other March in the preceding five years. Photo: Liberty Two Degrees This March, Sandton City recorded a higher turnover than in any other March in the preceding five years. Sandton City owner Liberty 2 Degrees says the year-on-year turnover growth for luxury brands across its malls stood at 109%. Liberty 2 Degrees says all its other malls saw increased shopping activity in March. Shoppers are back at Sandton City and are buying big. The mall, which is one of Africa s most sought-after shopping destinations for luxury brand lovers, had its best March in five years. 

In recovery: Liberty Two Degrees says footfall at its s

Liberty Two Degrees (L2D) has posted a big decline in 2020 earnings, but says shoppers are returning to its malls across South Africa after they were left empty during the hard lockdown last April. And while numbers were still down on 2019, the landlord says customers spent more when they visited.  While conventional wisdom was that smaller, local shopping centres were faring better because of Covid-19 restrictions and customers shopping closer to home, footfall at L2D’s centres picked up towards the end of the year, with Sandton City back at 72% of December 2019’s levels and Nelson Mandela Square at 62%.

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