<div class="ExternalClass33544D537CD840D9A22F92054024C737"><p>​</p><div class="ExternalClass7EA27775A9854819BF88DDD1550704C1"><p><strong>​(</strong><em><strong>Cape Town: 5 May 2014</strong></em><strong>) </strong>The V&A Waterfront experienced a record year in 2013, with December signalling 29 consecutive months of retail trade growth since 2011. This growth surge has continued into the first quarter of 2014 with the company reporting a 28.99% year-on-year growth for the period January to March 2014. Visitor numbers remained steady at 6.3 million for the quarter.</p><p>David Green, V&A Waterfront CEO said, "We attribute these positive results to the extensive expansion and refurbishment work in 2013 that has positively impacted our retail trade results. In addition, a loyal local consumer base and strong tourism numbers are a factor. The affordability of South Africa as a long haul destination due to the weaker rand can be credited with the higher than usual number of international visitors and the increased spend we saw in the first few months of 2014.''</p><p>The benefits of the R140 million expansion in 2013 have been seen in not only the additional gross lettable area (GLA) but in increased turnover for national retailers Pick n Pay and Edgars. The GLA has increased by  7800m<sup>2 </sup>across the new Pick n Pay and the ''Cross Mall'' link<sup> </sup>. Pick n Pay's trading area increased by 45% to 4,300m<sup>2</sup>, while the 1300m<sup>2</sup> retail space created by the Cross Mall development has seen the introduction of Witchery and Mimco by Woolworths, and Tom Tailor and Lucky Brand for Edgars as shop-in-shops. </p><p> "With the continued investment into development offered by our shareholders, Growthpoint Properties Ltd and the Public Investment Corporation Limited (PIC), we are set to continue the strong growth seen over the last two years and a half years," said Green.</p><p>"Continually refreshing our retail experience is just one item on our development agenda, which includes cultural, commercial,and residential developments," added Green.</p><p>Enterprise development is a key focus for the company.  The R50 million Watershed project is currently under construction and due to open for business in September, and will considerably upscale the Waterfront's already successful enterprise development platform. Informal traders accounted for approximately 144 SMEs prior to the upgrade. The Watershed will be home to both long-standing tenants from the existing Blue Shed and Wellness Centre and the Red Shed Craft Market as well as exciting new tenants. Visitors can expect to find an eclectic mix of fashion, craft, design, gifts, and jewellery. A lively 'design theatre' with on-site production, live performances, workshops and special events will add to the visitor experience.</p></div></div><img alt="" src="/sites/waterfrontcontent/News%20Images/Retail_Trade_Results_2014.jpg" style="BORDER:0px solid;" />2014-05-05T22:00:00Z

 

 

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