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.
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%.