Economic Crisis: The Malls Are Frown

8 years, 8 months ago - September 03, 2013
Times are hard, very hard! The euphoria that accompanied the regular openings of new shopping centers past two or three years has passed.

The reality is installed. Given the prevailing crisis , many developers have little choice but to reduce the rental prices to prevent the empty spaces .
Since 2010, a dozen shopping centers of varying size , emerged . And those who can claim to know the success is largely minority . Miscalculation or change due to local economic conditions causing the Mauritian no longer able to take money out of his wallet?
A bit of both , it is said in the middle. "There was a miscalculation on the part of developers, especially those who come from abroad . Then, the purchasing power of Mauritius is limited. This fact that there is an excess of supply . The choice is too big, it's too much for a small island , "said Ignatius Lam , Chief Executive Officer of Intermart .
The situation is such that in some centers, but not least , the management offers spectacular discounts on monthly rents . In some cases, the level of new centers , there is even talk of cuts of hundreds of thousands of rupees for a store occupying a large space.
"There is a saturation , an imbalance between supply and demand. This is crystal clear . It is no secret that it is very difficult for some tenants . We try to support one way or another. Sometimes it works , sometimes not , and they have no other option but to close their shops and go , "says Anuradha Boodhoo , Communications' Coordinator of the Caudan Waterfront.
What is the solution ? Should we reinvent ? " There are not 36 solutions . The purchasing power of the Mauritian declined for three years while there are five times more retail space . Now, we must know how to attract people by offering activities and new services , "says Sophie Desvaux de Marigny, communications manager for the Medina Group , owner of Cascavelle Shopping Village. If the start of the latter center was slow, things stabilize . Then the developments envisaged by Medina in the immediate area can see things more positively .
The Sugar Company of Mont Choisy account for its share of the largest IRS (Integrated Resort Scheme ) project to boost its Mont Choisy Shopping Promenade where there are still spaces for rent , more than six months after its opening. It will , however, continue to deal with competition from Grand Baie La Croisette, its direct neighbor. Because again, some store owners fizzle . Not to mention Circle Square, Forbach , a few miles down the highway , where the situation is no more glorious . 

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