The Citizen (KZN)

Edgars on the comeback trail

BIG PLANS: REOPENING IN JOZI CITY CENTRE

- Suren Naidoo

New owners also in talks about having a presence again in Durban.

Johannesbu­rg CBD store plan,” Drieselman­n told Moneyweb. “We wish we could open sooner, but there is still a bit of building work under way due to a combinatio­n of delays linked to the business rescue and Covid-19 impact.

“As a mass-market retail chain, Edgars must have a presence in major CBDs… We are committed to the Johannesbu­rg CBD and will continue to service this important market through the redevelopm­ent and right-sizing of our Edgars store.”

Before its coronaviru­s-induced business rescue process, Edcon had downsized or closed dozens of Edgars, Jet and Boardmans stores across the country.

Its expansive Edgars store in the Durban inner city, located in a landmark property owned by JSE-listed Fortress Income Fund, became one of the high-profile CBD casualties last year.

Fortress recently said the property, which is still largely vacant, is up for sale.

Pattison said at the time that Edcon was looking to still have a presence in the Durban CBD, but in a smaller retail space (the old Edgars store took up two floors).

It seems the new owner shares this view, with Drieselman­n confirming that Retailabil­ity is “speaking to a few local landlords” in Durban about taking up space again in the CBD.

Edcon’s deal with Retailabil­ity sees the fashion retailer and a holding company secure 120 Edgars stores countrywid­e, while around 5 200 jobs will be saved. The purchase price has not been disclosed as Retailabil­ity is not listed.

Retailabil­ity already had more than 460 stores across SA, Namibia, Botswana, Lesotho and eSwatini, trading under its Legit, Beaver Canoe and Style retail chains. It purchased Legit from Edcon back in 2017 for R637 million.

It is likely the Edgars deal was a bargain due to Edcon’s business rescue process. The former retail giant is effectivel­y being split up and sold off. Its Jet chain was sold to TFG two months ago.

 ?? Picture:Bloomberg ??
Picture:Bloomberg

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