Large-scale shopping centres are set to grow at a faster rate than other bricks-and-mortar retail formats in the UK, as their leisure and food offer continues to attract millennial shoppers, according to new research by Global Data.
The UK’s supermalls market is forecast to grow by 7.2% over the next five years, outpacing growth in other physical retail locations, forecast at 5%.
A supermall is defined as a large shopping centre that is over 1 million sq ft and usually has annual footfall over 20 million.
Global Data’s report, UK Supermalls 2017-2022, predicts the market will reach £12.3bn in 2022, after 43.2% of the UK population visited a supermall in the past 12 months. Clothing and footwear will remain the largest sector and biggest contributor to growth within these large-scale shopping centres.
Fashion retailers such as Primark, H&M and JD Sports have created large format destination stores in supermalls with strengthened product ranges, suggesting a new set of key retailers will usurp traditional anchors such as Debenhams, Next and M&S in the coming years, Global Data said.