First things first: we had to mobilise our team, especially, the site teams as Malls had to remain open. This was no easy task, the more so that that the health and safety of our employees had to be preserved. We managed to mobilise every single one of them and created a crisis committee to support and give directions to the team. The engagement of the team was exceptional. Malls operated in an organised manner throughout the two lockdowns. Since then, the totality of the team are vaccinated and we have further improved our protocol to deal with post pandemic risks

Having dealt with team engagement, we had to come forward with a plan that would allow us to reconcile two contradictory objectives: bringing people to the Malls when social distancing became an imperative! And the plan had to be ready as soon as the lockdown would be over. So, time was of the essence.

As the whole world went into quasi lockdown, we managed to identify, source, and implement our safe shopping protocol. The aim was to reassure shoppers that our Malls were safe. We managed to be ready for the reopening of June 2020 and have, since then, continued this protocol. The accolade received from the Safe Asset Group from Sweden as well as the footfall and trading densities of our Malls attest of its success.

Concurrently, we engaged with our tenants. After a chaotic start, we managed to find common ground. We proposed two relief plans: the first one covering the period from March 2020 to October 2020; the second one the period March 2021 to June 2021. This support came though three distinct schemes namely rental concessions, safe shopping expenditure and additional marketing spend. The total amount spent over these 15 months is in excess of Rs 300m. Probably, one of the largest contributions by a company to its customers during this period. The result on vacancy and collections speaks for itself.

With construction sites closed, site teams fully mobilized and the crisis committee operating effectively, we realized that the low level of activity in the Malls provided us with the opportunity to use this time to accelerate other projects. We redirected part of our resources to other projects, the more so that this could be done while working from home. In the space of twelve months, we reviewed and fine-tuned our IT requirements, engaged with a vendor, and implemented our new digital operations platform Infraspeak. INFRASPEAK is operational since 01 August 2021.

Furthermore, we renegotiated key contracts with our service providers; reviewed, designed, and implemented our Business Continuity Framework; reassessed our painting and waterproofing requirements and opted for products that are more robust and environment friendly; accelerated our green projects with a dry waste ‘sorting at source’ initiative in Bo’Valon, a Solid Waste Recycling Plant in Bagatelle Mall and LEED certification in Phoenix Mall

We never doubted the relevance of the extension of Bagatelle Mall. Even if this implied investment in excess of Rs 1 bn, we continued to work on our plan to ensure that we could deliver a meaningful result. But there was to be another hurdle: amid the lockdown, we had to identify two sub-anchors for the new gallery. At a time when tenants were battling with cashflow, enticing tenants to invest in new projects was particularly challenging. To add to this challenge, the pandemic brought about two important emerging trends namely a renewed interest for a healthier lifestyle and a new ‘local production - consumption’ paradigm. The B Local initiative was born and would bring tangible results soon.

Our first response was the opening of Decathlon, the world leader in affordable sportswear, in May 2021. It was an instant success seldom seen in Mauritius. As for the new gallery of the Bagatelle Mall, the team came forward with two innovative concepts namely a new ‘Market’, incorporating local entrepreneurs/produce as well as a ‘Para-Pharmacy’ concept.

A few months later, 42 Market Street, home to some 30 local entrepreneurs, was born with resounding success. The other sub-anchor, Livewell, a para-pharmacy of over 450 Sqm, will open its doors on a 24/7 basis in December 2021.

This new shopping venue, complemented by global brands such as GAP, Diesel, Ralph Lauren, Lacoste, Hugo Boss and Gant will reinforce the leadership of Bagatelle Mall as the premier mall in Mauritius.

We had to deal with significant challenges in other malls. Phoenix Mall had already been affected prior to the pandemic with the closure of several accesses following the road decongesting program and the new metro line in the area. Its inclusion in the red zone during the second lockdown further impacted the footfall.

The creation of a new access during the first quarter of calendar year 2020 helped but was insufficient. We engaged with Metro Express, in June 2020, to explore the possibility of having a metro station at the Phoenix Mall.

A mere 14 months later, the agreement was signed. The station, together with a new bus station, will be fully integrated in the mall and should be operational during the second half of calendar year 2022.

This development will also see the relocation of some of our tenants, the rebranding of our anchor and a park and ride facility for the users of the Metro. This will position Phoenix Mall as one of the few privately owned Transit Oriented Developments in Mauritius and open up mixed use opportunities in and around the property.

It would be presumptuous to say that we showed a higher degree of foresight. The truth is that we did not know what to expect nor do we know how things will evolve in the future. We have moved from a world of constant change to one of permanent disruption. Yet, this team will continue to ‘play’ because it is effortless, enjoyable, and highly impactful. It is with this mindset that we confidently embark on this new tomorrow.

In such a situation, the support and trust of the Board of Directors is critical. I would like to thank my fellow directors for allowing the executive team the latitude to try untested things. It is this trust that has allowed us to navigate the last 12 months and deliver these results.