Ensuring its malls are competitively positioned for the future, Pareto Limited is continuing its progressive programme of investment in the redevelopment and extension of its landmark shopping centres.
Right now, it has R500 million of leading edge upgrades underway at Cresta Shopping Centre in Johannesburg and The Pavilion in Durban.
Pareto CEO Marius Muller, explains: “These forward-thinking projects respond to market demand. They create the opportunity for new retail brands to gain access to scarce new space in well-established, strongly trading, dominant malls. At the same time, it’s a great opportunity to make it easy for people to shop and enjoy the very latest retail innovations that create great experience.”
Pareto owns an unmatched portfolio of regional and super-regional shopping centres. It is the full owner of Cresta Shopping Centre, The Pavilion, Mimosa Mall in Bloemfontein, Southgate Mall and Value Market and Westgate Regional Shopping Centre, both in Gauteng. In Cape Town it owns Tyger Valley Shopping Centre. It owns a 50% stake in Cavendish Square, also in the Mother City; and, a 50% stake in Menlyn Park Shopping Centre in the East of Pretoria.
Pareto also holds 25% of Sandton City and its surrounding assets including the Sandton Convention Centre and three hotels: The Sandton Sun, The InterContinental Johannesburg Sandton Towers and Sandton Garden Court.
At Cresta, Pareto has embarked on a R300 million expansion and refurbishment project, which will make it Johannesburg’s fourth largest shopping mall.
The first phase, its Bridgelink, is creating more retail space and greatly improving shopper flows by opening the mall’s lower level with a retail ‘bridge’ across Weltevreden Road, which runs beneath the new mall link. The project has already secured top new retailers such as iStore, Dis-Chem, Vide e Café, Toys R Us, Babies R Us and Adidas.
“This important phase unlocks the potential for exciting future phases. We are considering other enhancement to the centre, including a contemporary new food court,” explains Muller.
The food court has become an increasingly important part of contemporary shopping centres in recent years, says Muller. “People are pressed for time more than ever before. And, besides quality shopping, they visit malls with an expectation of also enjoying an experience. Food halls are satisfy both of these needs, with great food and a vibrant environment.”
The successful upgrade of the Tyger Valley Arena, the heart of the centre’s entertainment food offering, created a top-notch benchmark for Pareto’s properties.
Tyger Valley Arena, launched in late 2012, comprises three magnificent levels with a central stage and water feature on the lower levels. A central atrium features public seating with panoramic views of the stage, creating a superb environment for people to relax, eat, shop and enjoy the experience.
At The Pavilion in Durban, an important component of the first phase of Pareto’s R288 million master development plan, its vibrant new Food Court, was officially launched in April.
“Dated elements were removed and replaced with exciting new and relevant features,” notes Muller. “It introduces 27 new tenants, intuitive shopper flows, has something to delight the whole family and creates a safe, appealing leisure experience under a single roof.”
It features children’s entertainment at The Fun Company, fast food including KwaZulu-Natal’s first Burger King and revamped Nu Metro cinemas including two luxury cinemas. The striking new food court development has also created space to introduce Galaxy Bingo, adding a new dimension to the mall’s overall variety. The Pavilion Food Court can house nearly 300 seats. It boasts crisp, modern and contemporary design with large double volume spaces and clear sightlines.
The retail and design experience is enhanced by technological innovation. It features tailor-made illuminated ceilings integrated with LED lighting subtly changing colour to conjure different moods and create the feel of looking at the sky. And, its revamped bathrooms also include a leading family facility for parents with young children, providing a quality experience unlike any other in South Africa.
“Retail is undoubtedly one of the most fast-paced and innovative sectors. It is essential for our malls to update and change to keep step with ever-evolving retail and consumer trends,” says Muller. “Pareto’s capital projects position our malls to maintain and grow future market share in a dynamic, competitive environment.”
