Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We use cookies to personalise your experience; learn more in our Privacy and Cookie Policy. You can opt out of some cookies by adjusting your browser settings; see the cookie policy for details. By using this site, you agree to our use of cookies.

McArthurGlen to invest €1bn in centres

Designer outlet developer McArthurGlen has announced it will invest €1bn (£875m) in its property portfolio over the next three years.

Its new development pipeline, which will roll out across Europe and Canada, includes the expansion of its UK sites in Cheshire Oaks and Ashford in Kent, and the opening of an 80-store site in Cannock, near Birmingham, in 2020.

Additional plans include the opening of a designer outlet in Malaga, southern Spain, a 290,000 sq ft shopping destination in Remscheid, Germany, the expansion of its existing Ochtrup site in Germany, further development of its La Reggia, Noventa and Castel Romano outlets in Italy, and a new luxury designer outlet on the west side of Paris.

In Canada, the second phase of its Vancouver airport destination will add 35 further stores.

McArthurGlen plans to double its revenues from tourism in the next five years by focusing on new and existing locations in key holiday hotspots.

Younger shoppers aged 18 to 29 are also a key target as the highest spenders in McArthurGlen outlets and are twice as likely to visit make a visit as those over 50.

McArthurGlen CEO Julia Calabrese said: “As well as expanding our portfolio, we are investing in our in-centre experience, and in technology to engage and delight our guests and meet growing demand for experiential retail from Generations Y and Z.”

Mike Natas, McArthurGlen’s joint managing director of development, added: “[The] €1bn (£875m) to invest in new centres and expansions demonstrates the strength of investor confidence in our sector, and the growing demand from consumers for designer outlet shopping.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.