McArthurGlen hits sales record as it adds to retail space
Designer outlet centre operator McArthurGlen has reported record sales growth to €4bn across its portfolio of 22 shopping centres and said total sales for brand partner stores in the 2015/6 fiscal year rose 13%. They also rose 10% on a comparable basis.
One of its best performers was recent acquisition Ochtrup Designer Outlet, which was acquired through a joint venture last year with its founders. It was rebranded McArthurGlen Designer Outlet Ochtrup and has seen sales grow by more than 14% since the company took over management in February 2016.
Julia Calabrese, CEO of McArthurGlen Group, said the group’s three-pronged approach of organic growth, new development, and acquisition “is paying dividends”. In addition to Ochtrup, it is 75% leased in Provence, its first south of France designer outlet, and will start construction on its Malaga centre in 2017. It has also just seen record weekend footfall at its flagship outlet Serravalle, near Milan.
McArthurGlen is currently in the middle of a record expansion plan announced last year that will see its total retail space increase from 600,000 sq m today to nearly 900,000 sq m by 2020. This will include the opening of six new designer outlets in five countries and the expansion of eight of its existing centres.
It has expanded the gross lettable area (GLA) at Serravalle and will also open new space in Noventa, near Venice, by the end of the year. More space is set to open in Roermond, Holland and Parndorf near Vienna next spring.
Calabrese added: “Our portfolio has continued to deliver excellent results - including growth in both footfall and average spend per shopper - and we are seeing increasing interest and appetite from brand partners who are looking to high-end outlets as a profitable revenue stream in their multi-channel offering.”
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