Johannesburg – Sandton City achieved its highest turnover ever in March 2021, compared to the proceeding five years’ months of March, said its owner Liberty Two Degrees in an operational update on Friday.
Turnover at the iconic Johannesburg mall was up by 41% in March 2021 compared to the preceding year, and 2.6% higher than March 2019.
However, taking into account the level 1 Covid-19 restrictions that were tightened from December 29 to March 1, and the lockdowns of 2020, annual comparisons were difficult to make.
Nevertheless, the 2021 first quarter was only down 2.1% on 2020 and down 3.5% on 2019, said the group. The market responded positively to the operational update, with the share price up 3% to R4.69 on Friday morning, while the SA Listed Property Index was up only 0.79%. the share closed the day at R4.566, up 2.42%.
Liberty, who also own Eastgate, Nelson Mandela Square, Melrose Arch and Midlands Mall, said its retail property portfolio had demonstrated a strong recovery in March, growing by 27.1%, while turnover in the first quarter was down by 3.9% compared to 9.3% in the final quarter of 2020.
All of its malls recorded a positive turnover growth in March 2021 when compared to the corresponding month in the previous year.
