Press Office

CANAL WALK UNDERTAKES R30 MILLION DEVELOPMENT FOR NEW MR PRICE HOME STORE

05 February 2007

Canal Walk Shopping Centre has committed R30 million to develop new premises for what will be the largest Mr Price Home inside a regional shopping centre in South Africa at an expansive 3,500m2.

The new Mr Price Home store will be located on the upper level of Canal Walk in the area previously occupied by the skate park. It will be incorporated as a fully enclosed element of Canal Walk with access from inside the mall.

The construction of the new, larger premises for Mr Price Home follows the retailer’s immensely successful trading at Canal Walk, resulting in the need for additional space to accommodate increased and varied ranges to keep pace with customer needs.

The robust retail trade currently experienced at Canal Walk was evidenced by a record-breaking festive season with both turnover and visitor numbers increasing. More than 3,5 million shoppers visited Canal Walk during the summer holidays alone, representing a substantial year-on-year increase.

“Canal Walk Shopping Centre’s superlative position in the burgeoning node of Century City has contributed considerably to the continued growth in the centre’s visitors and turnover. Its central location in Cape Town has also won it a constantly growing popularity,” states Canal Walk CEO Wayne Abegglen.

Canal Walk is owned by listed property company Hyprop Investments Limited (80%) and Ellerine Bros (Pty) Ltd (20%).

Hyprop CEO Pieter Prinsloo says the new store is a continuation of the fund’s successful development programme with recent projects including the redevelopment of the La Piazza dining node at Canal Walk and a 2,000m² Edgars extension at The Glen Shopping Centre in Johannesburg. “This accords with the fund’s strategy of focusing on quality shopping centres in strategic locations. By continually enhancing the tenant mix Hyprop strives to improve the retail experience for its shoppers.”

“The new Canal Walk store is in line with the Mr Price Home strategy of growth. The new space has been innovatively created together with Hyprop to facilitate the right sized store,” says Mr Price Home. “We are excited about having a top-notch store at this leading super regional shopping centre.”

The opening of the new Mr Price Home is scheduled for November 2007 and Mr Price will retain the existing Mr Price Home premises within the group and introduce an exciting concept in the store.

The new Mr Price Home will enhance the home décor variety of this super regional shopping mall with some 400 shops.