McArthurGlen announce 50% growth in retail space by 2019
Published: 18 November, 2015
McArthurGlen will expand its GLA by a record 50%, growing from 600,000 sq m to almost 900,000 sq m by 2019.
McArthurGlen’s portfolio of centres will rise to 22, with seven new centres underway or in planning and due for completion by 2019, while eight existing centres will undergo expansion.
Underpinning McArthurGlen’s ambitious expansion plan is its strong financial performance. Across its portfolio total centre turnover grew by almost 30 per cent in the last three years to around €3.5bn. Since the beginning of this year, McArthurGlen has driven double-digit growth in both footfall and customer spend across its centres and has grown tourism sales by over 40 per cent.
Gary Bond, managing director of development, McArthurGlen Designer Outlets, said: “This is a hugely exciting time for the designer outlet sector and we are looking to break new records and strengthen our position as the leader of the industry in Europe.
“We are well positioned to capitalise on the quickly evolving designer outlet market and are focused on enhancing and expanding our existing estate as well as looking for new acquisitions and new joint ventures in locations which will allow us to capitalise on new opportunities. Our current development pipeline will increase GLA by almost 300,000 sq m and our catchment by a third within the next four years.”
Eight of McArthurGlen’s existing centres are expanding,delivering an additional 85,000 sq m of GLA worldwide.These include Ashford (UK), La Reggia (Naples), Noventadi Piave (Venice) and Serravalle (Milan), Parndorf (Austria), Roermond (The Netherlands), Vancouver (Canada) and the recently extended Neumunster (Hamburg).
In addition to the company’s new acquisition in Ochtrup, near Münster, a further seven new centres are currently underway or in planning: Ghent, Málaga, Normandie, Provence, Remscheid and two centres in Istanbul, which will add over 215,000 sq m of GLA to Western Europe.