Liberty Two Degrees sees retail uptick

JSE-listed Liberty Two Degrees has recently reported a 24.5% increase in revenue for the period ending December 31, 2021. The CEO, Amelia Beattie, sat down with CNBC Africa's Godfrey Mutizwa to discuss the company's financial performance and shed light on some of the challenges they are facing. Beattie addressed the ongoing dispute with the city of Johannesburg over the 2018 valuation roll for Santa City, emphasizing that they have been responsible in paying all their bills up to the disputed amount. She assured stakeholders that they are working diligently to resolve the issue and move forward. Despite the challenges, Liberty Two Degrees saw record trading at Santa City in 2021, with turnovers exceeding 7.5 billion rand, showcasing the strength of the asset. Retail performance showed significant improvement, with a 21% increase compared to the previous year, while office vacancies remained high at around 86-87%. The hospitality sector continued to struggle, with some hotels still closed due to the impact of the pandemic. Despite these challenges, Beattie remains optimistic about the future, citing encouraging signs of recovery in the retail sector and a gradual return to normalcy in the hospitality industry. The company has been providing support to struggling tenants, but Beattie indicated that most relief initiatives have been concluded, with a positive trend in trading levels observed in January and February. Looking ahead, Liberty Two Degrees is focused on driving the recovery of the African economy and working collaboratively with all stakeholders to overcome the current challenges.