Business

South African firm invests $23m in mall

ITS festive season again and shopping is part of fun for all ages including the young, like the ones above. Many shop owners are cashing in around this period mostly on clothes and food stuffs. PICTURE: STAFRANCE ZULU

TRYNESS TEMBO, Lusaka
WOODSIDE Mall Zambia Limited, in partnership with Novare, a South African company, has set aside US$23 million for the construction of a modern shopping mall to contribute to the country’s infrastructure development agenda.
Under the project, over 400 local people are expected to be employed. This will ncrease the tax base for Government from both the corporate entities as well as individual employees.
According to the environmental impact assessment (EIA) report submitted by the firm to the Zambia Environmental Management Agency (ZEMA), and obtained by the Daily Mail yesterday, the mall will be located along the Great North Road and will contribute to diversifying the firm’s business portfolio.
The report says once the project is implemented, it is anticipated to reduce the barriers to entry for many retail businesses that have failed to enter Lusaka due to lack of a prime location from which they can operate their stores.
“The site currently accommodates a filling station, a small shopping complex, brick-making equipment and a wine making plant. Novare and Woodside Mall Zambia Limited intend to re-develop this property into a single storey shopping mall of international standards aiming at adding beauty and vibrancy to infrastructure development in the Lusaka Great North area,” the report reads.
The EIA says the mall will comprise a food court, entertainment zone, specialised shops, and car parking area, landscaped gardens, enclosed pedestrian mall area, banking and service nodes.
It also says the project is scheduled to be implemented immediately upon completion of all legal requirements.
The implementation of the project will contribute to transfer of technology and expertise to the locals and entities, increased access to tourists facilities, and general improvement in local livelihood due to synergistic impact of positive effects of the project.
Novare was established in South Africa in 2000 as an investment advisory business to pension funds and currently manages and advises in excess of US$20 billion of assets.

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