McArthurGlen to open record amount of new outlet space
Designer outlet manager and developer McArthurGlen has announced that it is currently under way or in planning with approximately 250,000 sq m of new outlet retail space, reflecting a total development spend of nearly Â€1.5 billion.
McArthurGlen opened Europe’s first designer outlet at Cheshire Oaks, near Manchester, in 1995. Since then it has developed nearly 600,000 sq m of outlet space, which is currently worth around €5 billion. The group said the current development pipeline is the most extensive in its history.
Earlier this year, the group announced that it is to launch a new centre in the German state of North Rhine-Westphalia. It is also planning to open its first two designer outlets in Istanbul.
The rapid expansion follows retail real estate specialist Simon becoming a joint venture partner with Kaempfer Partners in McArthurGlen Designer Outlets in 2013.
Gary Bond, McArthurGlen’s managing director for development, explained: “Becoming a joint venture with Simon has given us a new level of financial strength. This is helping us grow at a time when outlet retailing is in full expansion and when brands are increasingly organising themselves into three main distribution channels: full-price, internet and outlet.”
Bond said the group is mainly looking to expand in Europe. He added: “We look for markets where there is a strong catchment in terms of population, economic wealth and tourism potential, and which have a developed fashion retail and brand culture, as well as good transport links.”
Other outlets in the pipeline include McArthurGlen Designer Outlet Vancouver Airport which is due to open in spring 2015, McArthurGlen Ghent, and McArthurGlen Provence, the first designer outlet in the south of France.
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