Located opposite the School for the Deaf, Sunshine Plaza is one of Ghetto’s busiest malls.
At the start of the century, the site was home to a rundown, ramshackle building, surrounded by overgrown bush.
Its prospects bleak, Shyam Sreekaram and his wife, Shashi, came in like a ray of light, transforming the location into a thriving shopping complex.
Currently fully occupied, with close to 40 tenants, including Spar, Nandos and JB Sports, Sunshine Plaza’s evolution continued this Monday, August 5th, with the groundbreaking ceremony on a new multi-use sports facility to be built at the mall.
The initiative is part of the mall’s Corporate Social Responsibility (CSR) and includes a pop-up market built at the Sreekaram’s own cost to facilitate small businesses.
After the speeches were done, Voice Money caught up with the Sreekarams to get the history behind Sunshine Plaza before the busy couple travelled back to Gaborone…
Before we get on to talking about the mall, let’s briefly touch on your background – how did you end up in Botswana?
We were visiting Botswana and found a partner to start a factory for processing non ferrous metals.
We started a factory and ran it for several years.
So when did Sunshine Plaza start operating?
Sunshine Property Group started in 2002 in Francistown. It is one of the groups that grew up here and spread out to the whole of Botswana.
How does one come to ‘own a mall’?
That is very tough because we are in property, so we always look out for development.
This was long time back.
We had been investing in Botswana and we found that this particular mall was a bit rundown and then we upgraded it and expanded it.
We took a huge loan to build it. We have to have the guts of taking a loan and pray to God that we are doing the right thing.
Roughly how much have you spent on Sunshine Plaza?
We bought it a long time ago when it was dilapidated.
It was around 20 years ago, and we upgraded it.
We did not use all the money at the same time.
We kept on spending again and again. So, the total amount might be around P40 million for the upgrade and growth.
Wow! And how long did the developments take?
Development is always ongoing.
Money was always going out for the first three years as we were paying and paying, with nothing coming in.
After a lot of development, that is around seven years, we started to recover the money we have spent.
Nowadays, it is okay as we did all the extensions and brought in new tenants.
As the owner of Sunshine Plaza, what is required from you in terms of the day-to-day running of the mall?
The first thing is to look after your staff.
All our staff are Batswana and we believe in them.
Even when someone tells us that a Motswana cannot manage, I tell them I do not believe them because I know a Motswana can do it!
We believe in growing together with our staff.
We have one who has been with us for 30 years.
When they do not have the qualifications, we take them to school and pay for them.
So how many employees do you have?
We have a compliment of 20 staff but many jobs relating to maintenance and security are out sourced.
And how many malls do you own?
We do not have many malls, but we have other properties, offices and building in Gaborone.
Sunshine Plaza is the only mall that we have at present.
In Main Mall, we have two buildings.
What kind of property are you into?
We are into all types of property except residential.
We acquire, develop and stabilise properties.
What are your future plans for Sunshine Plaza?
I think we have reached the full potential, and we thank the city council for that and the Francistowners for their support.
What does it take to run such a big enterprise successfully?
Mostly, to run any big business, one requires credibility with finance, skills of management and navigating cash flows.
How does business in Francistown compare to Gaborone?
Gaborone has a lot of money and Francistown is not as rich as Gaborone.
When you talk population wise, Francistown might be 50 percent of the population of Gaborone.
And purchasing power in Francistown is only 10 percent whereas in Gabs you find that every restaurant is full of customers.
But we believe since our Mall is situated alone where it is, maybe it will bring business.
We need to grow as a city of Francistown.
It has a lot of potential which is not utilized.
What do you think is hindering Francistown from growing?
The problem is the government is mostly centered on Gaborone.
It’s time they look outside Gaborone, maybe consider the second city too.
Francistown is still far from growing, as it does not have many things.
Any ambition to open another mall in Ghetto?
No, not right now because they are so many malls that are struggling business wise.
As of now, we would like to see the development of the city.
Maybe when the mines open and money flows, we will rethink.
Finally, what advice would you give to someone tempted to venture into property?
We have advised and guided several interns in matters relating to property.
Property is a long term commitment; you cannot enter if you require short term profits!
