Landsec has closed 2024 on a high, reporting a stellar performance across its retail destinations during the year’s ‘golden quarter.’ Sales and footfall surged ahead of expectations, solidifying its position as a leader in the UK retail property market.
Impressive Growth in Spending and Footfall
During the quarter, more than £800 million was spent across Landsec’s portfolio, marking a 3.8% year-on-year increase—well above the British Retail Consortium’s (BRC) reported sales growth of 0.4% for the same period. Notably, Trinity Leeds experienced a remarkable 13.1% boost in sales, driven by the arrival of major brands like Nike and Zara earlier in the year.
Footfall also saw a notable uptick, rising 1.9% year-on-year, in stark contrast to the BRC benchmark, which recorded a 2.5% decline during the same period. December alone brought an additional one million visitors to Landsec retail destinations, underscoring their appeal as go-to shopping and leisure hubs.
Strategic Investments Paying Off
This success builds on Landsec’s earlier half-year results, which revealed that occupancy rates at its major retail destinations had surpassed pre-pandemic levels. A shift in strategy by brands to focus on fewer, higher-quality stores has aligned perfectly with Landsec’s emphasis on premium retail experiences.
Bluewater in Kent emerged as a standout performer, welcoming ten new stores during the quarter, including high-profile names like Sephora, Bershka, and Aesop.
Bruce Findlay, Managing Director for Retail at Landsec, highlighted the company’s growing dominance:
“Following our recent acquisition of Liverpool ONE, we now own seven out of the top thirty performing retail destinations in the UK. These best-in-class locations continue to outperform benchmarks as both brands and shoppers gravitate towards prime spaces.”
The All-Day Experience Advantage
Landsec attributes its success to offering more than just retail. The combination of premium brands, well-designed stores, and all-day-out experiences has proven to be a winning formula. With increased footfall and sales, brands are reinvesting in these prime locations, ensuring continued growth and consumer appeal.
As Landsec heads into 2025, its strategy of curating vibrant, high-performing retail spaces positions it as a key player in shaping the future of UK retail. The strong results from the ‘golden quarter’ are a testament to the enduring value of investing in premium destinations that cater to both brands and consumers alike.
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