According to this article http://www.businessdailyafrica.com/Corporate-News/Two-Rivers-shopping-mall-opening-February/539550-3454930-p8cj4dz/index.html...centum has postponed opening of 2 rivers mall. The reasons cited were scale of work involved and “unreadiness of tenants”. I interpret this to mean that they are having difficulties getting tenants. Will this be a ghost mall like the one at K.U etc??Is garden city fully rented (those who have been there lately)? Can Kenyans support all this malls coming up? I dont think so…some malls will remain ghost malls for 5-10 years before population growth and income of kenyans grows. There is already an oversupply of high end apartments and mall space in Nairobi.
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Could be true, nilikuwa suprised kuskia hivyo na uki check picha pale skyscrapercity the finishes were completed a while ago, hata wanaweza fungua 1st dec.
www.skyscrapercity.com/showthread.php?t=1564413&page=48
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Mr @Okiya may just be right after all
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https://www.kenyatalk.com/index.php?threads/i-am-forseeing-dead-malls-in-nairobi-soon.6585/
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The only tip I can give is that the things that you read in the media rarely reflect what goes on on the ground and in the board meetings. There’s a reason PR firms exist. Same reason talkers like Spear exist.
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:D:D:D
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Even in TRM shops close down every month. Ni kubaya! Garden City…the tenants are not making any money!
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I had anticipated the delay in opening 2R. There is an afterthought construction (more space) that contributed to this.
Most of us who have been to the site decided not to do further shell fabrications in mind that the opening was to be postponed.
Centum should brace itself for what is coming in terms of liquidated damages and rent rebates!
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twenty plus malls around nairobi and still some are coming up. the problem must have is the lack of an anchor tenant, mostly super markets like naivas, tuskys or the frail nakumatt which increase customer traffic but even for some of those that have like shujaa mall, the rest of the space is barely occupied. same case with the hundreds of high end apartments and homes growing overnight all over. nairobi has all the space for monied people go build such investments but as for tenants and buyers of such properties, thats a whole different ball game.
I was being told that Deacons is suing Centum or Two Rivers (which ever entity) over the postponing of the opening. Deacons had already finished the interior of their store and hired staff in anticipation of the opening which was supposed to have happened in September/October.
Nakumatt TRM closed that huge toyshop they had on 2nd floor…
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They should go ahead and do that. I believe this is what happens when primarily finance minded guys think they can develop.
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Tunaeza pata kibanda hapo two rivers tuweke base ya jugdaniels?
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Hii kitu iko na on construction, sisi watu ya hii pande huona hao ma dim eyed watu Wa mkono area.
Exactly
sti
ll more shops (toy shops are to be closed, this year no branding has been done, which means nothing new is coming) ni kumaliza stock
Kumbe wewe ni peasant pia kama yule jamaa wa faxe?
Problem is they are targeting upper middle class people just like the high end apartments going for 10m that are now becoming unoccupied and developers defaulting bank payments.
The boom that led to the speculation that the upper middle class is infinite was a mistake. It’s shrinking as the economy is getting tougher and these malls will continue being empty as days go by. Buckle up,bumpy road ahead guys
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On the contrary I think Kenyan can support these malls , but when the developers do not look at the market and end up charging exorbitantly for the shops with the hope of recouping their monies sooner than later,of course customers will hold back.They are now charging the parking lots on the malls,even though Kenyan might miss use them,I don’t see the reason why they should be charged yet they are coming to spend money.In the end I end up shopping at my local Maathai supermarket and relax at a local joint taking the same drink I would have taken at TRM at a cheaper rate (sic I was dozzing off EoE)
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Hata TRM kuna shops hazijawhi kuwa occupied since it was opened…
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It’s all about spontaneous greed. Hata mimi I go local shops. Money lost from unoccupied spaces is equivalent to making the rent cheaper and spreading the small gains over a long period of time .it will pay back in the long run
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