Redefine Properties are reassessing their paid parking areas and plan to offer a capped parking fee of R5 or remove the fee altogether.
Shopping malls and centres are doing away with steep parking prices offering a little financial relief to all. Redefine Properties have confirmed that by next year, their centres are likely to have a capped parking fee of R5 for up to four hours and some of its malls will have entirely free parking.
This is because free parking encourages people to spend more time at the malls.
“Obviously it is a revenue stream, and giving up a revenue stream is often difficult, but given what’s happening in the retail environment, one has to innovate.” – David Rice, Redefine’s chief operating officer
David Rice confirmed that they felt it was absurd to charge people more the longer they parked at a mall instead of giving them options to stay. The company is still in talks to decide which of their malls will be free parking listed. They also need to consider the safety aspect of offering free parking and what kind of impact it will have on available spaces as some may take advantage of the spaces.
This is great news as every rand saved is a one more in the pockets to feed families. Let’s hope that these cuts will inspire other management companies to also assess their parking fees and offer a helping hand to the people of South Africa.
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