Baywest Mall
The new owners of the Eastern Cape's two major shopping malls, Baywest and Hemingways, are planning big things to turn around the two centres after acquiring them out of a business rescue process.
The large regional malls, which have been in business rescue since 2022, were sold to property company, Hangar 18, for R1.3 billion each in September 2023, and were transferred to their new owners this year.
Co-founder and joint CEO, Marc Edwards, addressed a business breakfast in Nelson Mandela Bay on Tuesday morning, where he provided some broad strokes about the future of the two malls.
With a 17% vacancy rate at Baywest and maintenance needed at Hemingway's, Edwards said they're under no illusion that they have a big task ahead of them to turn them into centres of attraction.
"That attraction comes from the mixed-use nature of the centre. We are very much believers in entertainment for shopping centres. We love the entertainment at Baywest and we want to add to it," he said.
Edwards said "There's something that they've just secured which is coming soon," but said details would be provided in the next few months.
Also Read: EC's two biggest malls officially transferred to new owners
He said they also believe in adding ancillary services to the mall offering so that people increase their "dwell time" in the centre, and these include medical suites, hospitals, education facilities etc.
Edwards said the "key for the Baywest mall" will be the development of the land around it, which they do not own, but is reportedly up for sale by owners, the Billion Group.
"Once they develop it, that is going to bring a continued presence of people to that area, and it is our job to try and fast-track that.
"It's obvious to us that the semigration fad that started during COVID-19 from Joburg is not going to stop. People's work habits have changed. J/Bay is growing like absolute crazy...and our belief is that that is the side of the City that is going to get developed.
"But, to get to Baywest you still want to go there for other reasons. So, it's our job to get people there by not just what the supermarkets can offer, but what the entertainment, education, and medical can offer too," Edwards said.
He said following a meeting on Monday night, there are some "exciting ideas in the pot for that space."
Meanwhile, Edwards said each area of Baywest Mall is a "project" on its own, with a gym possibly coming, and some "big, big projects" at an advanced stage.
However, he said whether they materialise remains to be seen."
"Turning these things around is certainly a challenge, a really exciting challenge. But, it does take time."
