Despite the difficult economic environment, South Africans are still flocking to luxury retail.
Liberty 2 Degrees , the owner of luxury malls in South Africa, including Sandton City, Melrose Arch, and Eastgate, has posted a robust financial performance for the first half of 2023,
Its portfolio turnover and foot count are now ahead of pre-Covid 19 levels, with the former seeing a 6.8% jump. Moreover, all the centres within the L2D portfolio continued to trade ahead of the prior year’s trading densities, except for Midlands Mall and Lifestyle Centre, which yielded more turnover in the comparative period due to the closure of nearby malls from the KwaZulu Natal riots.
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