From Creamer Media in Johannesburg, this is the Real Economy Report.
Sashnee Moodley:
The much anticipated mixed-use development Menlyn Maine’s Central Square was launched in September. Megan van Wyngaardt has the story.
Megan van Wyngaardt:
The R1.8-billion Central Square project, which forms part of an overall 315 000 square meter precinct, is a boutique-style mall housing 50 retailers, including Woolworths Food, restaurants such as Old Town Italy and lifestyle establishments such as the Virgin Classic gym and the Wellness Warehouse. Gauteng Premier David Makhura speaks about the significance of the development
David Makhura:
Megan van Wyngaardt:
Co-owned by joint investors Menlyn Maine Investment Holdings and the Government Employees Pension Fund, Makhura highlights that the area would also form part of the Gautrain rail system expansion.
David Makhura:
Megan van Wyngaardt:
However, the development of yet another retail offering in the already saturated Gauteng raises the question whether this capital should not have been spent in building the province’s industrial scape. Makhura explains.
David Makhura
Megan van Wyngaardt:
Besides the retail sector, Menlyn Maine will also be home to a residential quarter, offices, the Sun International Time Square casino, a park, a five-star hotel and an 8 000-seater arena development.
Sashnee Moodley:
Other news making headlines this week:
Logistics Barometer highlights paradox of local industry
SAP opens new co-innovation lab to bolster relevant innovation
And, Stronger institutions can save South Africa from ratings downgrade
If South Africa invests more in beneficiating more of its raw materials, the logistics costs relative to gross domestic product will drop, which will, in turn, contribute to job creation and grow the economy.
Stellenbosch University logistics professor Jan Havenga
South Africa has become home to enterprise application software firm SAP’s seventh Co-Innovation Lab, or ‘Coil’, aimed at promoting innovative, locally relevant solutions through the unification of different ideas, tools and technology.
SAP Africa MD Brett Parker
Reserve Bank Governor warned that the threat of a downgrade to South Africa’s investment-grade rating remained.
Reserve Bank Governor Lesetja Kganyago
Sashnee Moodley:
That’s Creamer Media’s Real Economy Report. Join us again next week for more news and insight into South Africa’s real economy.