Retail is not dead – our 3% vacancy rate is proof, says Liberty Two Degrees
Liberty Two Degrees has a 3% vacancy rate for its retail properties
It prefers a lower rental to an empty property
Its turnover and foot count are up on May 2019
Liberty Two Degrees (L2D) released results for the half-year to 30 June 2021 on Monday.
It’s paying out R140 million to shareholders as demand for its properties improves.
L2D owns stakes in malls such as Sandton City and Nelson Mandela Square.
Its portfolio is worth R8.5 billion.
The Money Show’s Bruce Whitfield interviewed Amelia Beattie, CEO at Liberty Two Degrees (scroll up to listen).
Our malls are all open, and trading normal hours again… We’ve had no direct damage… The large super-regionals are harder to get into…Amelia Beattie, CEO - Liberty Two Degrees
A 3% vacancy rate at a time like this is the best evidence we have to offer for any argument that retail is dead… The cost of a vacancy is much higher than the cost of a slightly lower rental keeping a tenant in there…Amelia Beattie, CEO - Liberty Two Degrees
We’ve been focussed on keeping our malls full… Our foot count and turnover are up on May 2019… Our malls bounced back quickly…Amelia Beattie, CEO - Liberty Two Degrees
We are fortunate that offices are a small part of our portfolio…Amelia Beattie, CEO - Liberty Two Degrees
Source : https://www.123rf.com/photo_153386550_johannesburg-south-africa-november-09-2011-exterior-of-glass-dome-roof-of-sandton-city-shopping-cent.html?vti=ney1vnt1wjhoj3h20n-1-41