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Are shopowners making money at Garden City mall?
sparkly
#41 Posted : Sunday, April 23, 2017 4:17:36 PM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
bartum wrote:
https://www.standardmedia.co.ke/business/article/2001237322/malls-go-bust-on-fairy-tale-of-growing-middle-class



Buruburu residents are used to shopping at Mutindwa
Quote:


A few weeks ago, tenants at the Point Mall in Buru Buru, Nairobi resolved to close their businesses. They decried the unusually high rents for a development that attracted few customers.
“We have no problem with paying, but in the short-run they should bring down the rent to attract tenants and make the mall active,” said Florence Murai, one of the tenants.
Another tenant described the facility as a ghost mall, noting that more than half of it was unoccupied. Yet they were promised a busy shopping mall, teeming with some of the biggest brands when they first came shopping for space.

Life is short. Live passionately.
quicksand
#42 Posted : Sunday, April 23, 2017 10:07:53 PM
Rank: Veteran


Joined: 7/5/2010
Posts: 2,061
Location: Nairobi
sparkly wrote:
bartum wrote:
https://www.standardmedia.co.ke/business/article/2001237322/malls-go-bust-on-fairy-tale-of-growing-middle-class



Buruburu residents are used to shopping at Mutindwa
Quote:


A few weeks ago, tenants at the Point Mall in Buru Buru, Nairobi resolved to close their businesses. They decried the unusually high rents for a development that attracted few customers.
“We have no problem with paying, but in the short-run they should bring down the rent to attract tenants and make the mall active,” said Florence Murai, one of the tenants.
Another tenant described the facility as a ghost mall, noting that more than half of it was unoccupied. Yet they were promised a busy shopping mall, teeming with some of the biggest brands when they first came shopping for space.



I am sure some banks are dangerously exposed...but you will never hear of writedowns,..or even provisions on the books for this toxic debt....we should be seeing signs of serious distress,..things are not alright in real estate, the uptake is on the anemic side of things....yet you never hear a peep.....rogue financial sector, rife with creative accounting..
...things will keep stacking up Greece style, mountains of debt piling and teetering at the edge of the abyss...until one day...kaboom.................
Or not.
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