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.”