The 4500m² V&A Waterfront Edgars store, which has been at the landmark Cape Town shopping and tourist destination for years, has closed its doors.
This was confirmed by JSE-listed property giant Growthpoint during a webcast media briefing on the group’s full-year results to the end of June 2020 on Wednesday. The group, which owns half of the trophy property precinct, has however said that about half of the double-floor space already has a new ‘pre-committed’ tenant.
“V&A Waterfront management have taken back the space occupied by Edgars… Edcon’s business rescue practitioners tried to do a deal to keep the store as part of the business rescue process, but centre management decided not to accept the offer,” said Estienne de Klerk, CEO of Growthpoint’s South African operations.
“The store is around 4500m² and they (Edgars) are in the process of clearing out of the space,” he told Moneyweb.
A guest relations officer at the V&A Waterfront confirmed that the Edgars store had closed at the centre on since August 1.
Growthpoint Group CEO Norbert Sasse pointed out during the results briefing that the store had occupied two floors, however, he had no doubt that the space would be filled despite the impact of Covid-19 on trade at the centre.
“The store has two levels to it… One level links in quite nicely with the high-end retail section of the mall. Half of the space is already sort of pre-committed to tenants. It’s the mezzanine space that we haven’t quite dealt with yet… This space might take a little longer [to let],” he said.
Meanwhile, De Klerk said that the Covid-19 pandemic and lockdown has had a “very big impact” on trade at the V&A Waterfront, which is strongly influenced by international and domestic tourists.
“Rent arrears at the V&A Waterfront is around R120 million… However, things are improving as we go through the lower lockdown levels and open up the economy. A key factor is the opening up of international travel to South Africa,” he said.