Re-opening to the public last week, Springfields Outlet and Leisure in Lincolnshire has once again demonstrated its resilience.
Since reopening last Monday 15th June 2020, average transactional spend has increased by 11% across the three quarters of stores which have reopened. A further tranche of stores are reopening imminently, and others, including food and beverage and leisure, will open at a later date when allowed. When comparing the first full week of trading with the same period last year, those retailers that were open achieved 70% of last year’s total revenue with just 61% of the footfall. During this period, more than half of the retailers that were open, achieved better trading results than the same period last year, with over a quarter achieving a double-digit percentage increase.
Categories including fashion, footwear and home and garden at the 200,000 sq. ft. scheme performed particularly well and reported increased revenue.
Boasting 50 stores set in beautiful and award-winning 25-acre Festival Gardens, the spacious outdoor destination is well equipped to adhere to social distancing measures, whilst still providing an exceptional guest experience.
The positive trading figures demonstrate the appeal of the destination’s increasingly attractive retail line-up. Springfields Outlet offers top outlet retail brands, such as Jack Wills, White Stuff, Crew Clothing, Ernest Jones, Radley, Next, Skechers, Gap and M&S, giving plenty of choice for customers at up to 75 per cent off RRP throughout the year. This is complemented by the leading premium Blue Diamond home and garden centre.
New signings, Dune London and Lazy Jacks, are also both due to open in this summer. Additionally, Ubitrac PPE has opened its first outlet store at Springfields Outlet. The 815 sq. ft. unit offers a range of protective masks, infrared thermometers and gloves. Supplying PPE products to the NHS Community Nurses Trusts since 2016, the operator will ensure that all products are offered to the NHS prior to going on sale in-store.
Ian Sanderson, Director at SLR which developed and asset manages the scheme, said: “The tenants that reopened in the first two weeks at Springfields have traded well above their own expectations. The scheme has attracted visitors back quickly as we’re able to offer an appealing, spacious and well managed outdoor environment.”
Research by Ken Gunn Consulting shows that Springfields Outlet has the third highest market potential sales density of any outlet in the UK. Located in south Lincolnshire, the 45-acre retail and leisure scheme is on the junction of the A16 and A151, close to the junction with the A17. These three major arterial roads provide easy access to Peterborough, Stamford, Nottingham, Lincoln and Kings Lynn. The catchment includes East Anglia, Cambridgeshire and the East Midlands and is just a 25-minute drive from the A1.
Since its launch in 2004, Springfields Outlet has had an average occupancy rate of 98%.
Owned by the Triton Property Fund, managed by UBS, agents for the scheme are Knight Frank and SPACE Retail Property.