Liberty Two Degrees CEO on building resilience amid COVID-19

Property group Liberty Two Degrees has reported an interim loss of R1.4 billion, a significant shift from its previous profits as the COVID-19 pandemic continues to impact businesses across the globe. The group has decided not to declare an interim dividend, reflecting the tough economic climate. Amelia Beattie, the CEO of Liberty Two Degrees, highlighted the challenges faced by the company but also emphasized the resilience and strategic approach being taken to navigate these uncertain times. Beattie acknowledged the widespread losses experienced by many businesses due to the pandemic and the difficult circumstances faced by the company. Despite the need to write down the capital value in their portfolio, Beattie stressed that it was a necessary step taken with the information available at the time. The focus remains on maintaining a quality portfolio and managing it effectively to endure the current challenges and transition back to a more stable environment. One of the key issues discussed was the impact on the retail sector, which has been severely affected by trading restrictions and reduced consumer activity. Beattie highlighted the efforts made to provide relief to tenants, especially smaller businesses, while ensuring the sustainability of the company's operations. She emphasized the importance of collaborating with tenants and offering support to help them navigate through these tough times. Regarding cost-cutting measures, Beattie mentioned that the company's strong balance sheet allowed them to continue supporting employees and service providers while managing the business efficiently. The focus remains on maintaining a sustainable approach to business operations to ensure long-term viability. As the shift towards online shopping accelerates due to the pandemic, Beattie discussed the company's strategy to adapt to the changing retail landscape. Liberty Two Degrees has been focusing on digitalization efforts and integrating online shopping with physical retail experiences to provide a holistic shopping environment. While online shopping has gained prominence, Beattie believes that a combination of physical and digital retail experiences will create opportunities for growth and innovation. In conclusion, Beattie expressed confidence in the company's ability to navigate through the challenges posed by the pandemic and leverage opportunities for growth. The strategic approach taken by Liberty Two Degrees, along with its commitment to supporting tenants and stakeholders, reflects a resilient and adaptable business mindset in the face of unprecedented times.