Downtown Edgars stores to receive well needed make-over

South African property company SA Corporate Real Estate is making a bold move by investing approximately R185 million in refurbishing the downtown Edgars stores, despite the retail giant's precarious financial situation. In a recent interview with CNBC Africa reporter Kopano Gumbi, SA Corporate Real Estate CEO Rory Mackey highlighted the importance of this project, emphasizing the potential for a vibrant new tenant mix that caters to the demand in the inner city. Mackey expressed confidence in the investment, stating that rejuvenating the store and bringing in additional tenants will contribute to making it a highly lucrative venture. The redevelopment project at hand involves an investment of 86 million rand specifically for this property, underscoring the commitment of SA Corporate Real Estate to revitalizing the downtown area. When asked about the partnership with Edgars in other properties, Mackey confirmed that they have a significant retail portfolio where Edgars and other stores within the Edcon group operate. He mentioned ongoing discussions with Edgars and industry stakeholders, though the details of lease renegotiations remain confidential. Despite the challenges that Edgars is currently facing, SA Corporate Real Estate's decision to invest in the downtown stores signals a vote of confidence in the potential growth and revitalization of the inner city retail sector. By introducing a grocer and more lifestyle shops while collaborating with Edgars on downsizing their premises, SA Corporate Real Estate aims to create a dynamic and appealing shopping environment for customers. This investment not only demonstrates SA Corporate Real Estate's strategic vision but also reflects a commitment to contributing to the urban renewal efforts in the inner city. The refurbishment of the downtown Edgars stores is poised to attract foot traffic, stimulate economic activity, and enhance the overall appeal of the retail landscape in the area. As SA Corporate Real Estate continues to navigate the evolving retail landscape and engage with industry partners, the redevelopment project at the downtown Edgars stores stands as a testament to the company's resilience and determination to drive growth in challenging times. With a focus on innovation, sustainability, and customer-centric design, the revitalization initiative heralds a new chapter for urban retail development in South Africa.