Accra, Aug 21, GNA - The Management of West Hills Mall says negotiations are underway for a new and exciting replacement of tenants who are expected to open in time for the Christmas festivities.
In a statement, the Centre Management denied the mall risked collapse because certain tenants are scheduled to close their shops.
“Management emphatically rejects this claim as an unfortunate misrepresentation of the facts,” it said.
“It would like to assure its tenants and customers that plans are far advanced in negotiations with new and exciting replacement of tenants who are expected to open in time for the Christmas festivities.”
The statement said the lease terms of five of its tenants, namely; Foschini, American Swiss, Sportscene, Markham and @Home, would expire in October, this year.
Collectively, the five stores belong to the Foschini Group, a South Africa based retailer.
The Foschini Group is reviewing its business strategy across Africa and has made a decision to pull out of Ghana and not just West Hills Mall.
The Foschini Group will, therefore, not be renewing its lease agreements upon their expiry.
The statement said quite a number of South African fashion retailers are under pressure in their local trading environments and had begun consolidating their business operations.
“It is not surprising that most of these are looking to exit various marginal markets outside South Africa.”
“For West Hills Mall, this development, unfortunate as it may be, has offered an opportunity to introduce a new and exciting mix of local and international tenants to serve our customers.”
It said Management would continue to review strategies on an ongoing basis to replace vacancies that emerged in the course of business, with brands which resonated with Ghanaians and met demands of the local market.
The nature of the retail business was such that occasional vacancies were inevitable in the retail industry and whenever such vacancies occurred, Management continuously reviewed strategies to replace them accordingly, the statement said.
It said West Hills Mall was celebrating its fifth milestone in Ghana’s retail market and a series of exciting activities had been planned for the pleasure of customers, tenants and patrons.