Sandton was a place to be before the pandemic. But footfall in Africa's richest square mile refuses to go back to pre-pandemic levels. Restaurants and hotels around the area are struggling.
Liberty Two Degrees is one of the companies with iconic businesses in Sandton, a place to be before the pandemic.
When Sandton was booming, L2D also invested in Melrose Arch, another precinct that thrived on Johannesburg's growing high-income earning population and companies' desires to have the best address and occupy the fanciest offices before Covid-19. Together with Liberty, L2D owns 25% of the Melrose Arch precinct.
More than 30% of office space in Nelson Mandela Square didn't have any tenants, while vacancy rates sat at 16.3% in Melrose Arch. But even if offices had paying tenants, many of their staff members still worked from home. Snyders said while sometimes restaurants in both Nelson Mandela Square and Melrose Arch appear busy and packed, they are not generating the revenues they used to.
In the first few quarters after the hard lockdown, Sandton City benefitted mostly from people seeking luxury brands they used to buy overseas before the pandemic.Luxury brands retailers still lead the pack as they sold 50% more than they did in 2019. But now, more retail categories are doing better than before the pandemic
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