Springfields Outlet in Spalding has continued to buck trends within the retail sector. Across, the two-week Easter school holidays, on a comparable basis from 5 th April 2019, the leading shopping and leisure destination in the East of England, achieved +4% total revenue growth year-on-year despite the hottest Easter on record. In addition, in the first quarter of 2019 the outlet experienced +9% revenue growth, compared to the same quarter last year, and a +5% increase in footfall, YoY.
The centre has now achieved 14 years of consecutive revenue growth since opening in 2004. This is testament to its appeal as a day-out destination. By integrating outlet shopping and an on-site, leisure offer, the centre provides a broad variety of mixed-use facilities that appeal to all ages, attracting customers from further afield and encouraging them to stay for longer. This benefits retailers at the scheme, further attracting other aspirational brands such as Jack Wills, Joules, White Stuff and The Cosmetics Company Store who all signed up in the past 12 months.
Ian Sanderson, Director at SLR, which developed and manages the scheme, said: “We’re committed to creating the most appealing environment in the region for our retailers and customers. These trading figures demonstrate how much the centre has evolved over recent years as we add more attractions and brands. Research by Pragma Consulting shows that outlet shopping combined with leisure is increasingly important in driving footfall to attract visitors looking for a memorable family day-out. This, alongside the extensive events programme across the Easter school holidays, assisted the improved performance.”
Further demonstrating the success of the scheme, SLR has announced that £18 million will be invested into a new extension at the centre. The allocation of space and change of use has been agreed for the new phase, with final planning consent expected in June this year. The proposeddesign will add an additional 50,000 sq ft of retail and casual dining space, and some 19 new units, attracting opportunity for further brands at the centre.
Additionally, demonstrating its confidence in the scheme, international high street fashion retailer Gap has renewed its lease for a further 10 years.
Paul Bishop, European Director of Real Estate at Gap, said: “Springfields Outlet is going from strength-to-strength giving us tremendous confidence to remain part of its successful progress. The centre has demonstrated its ability to evolve and diversify its offer, in-line with the changing retail landscape. We’ve already felt the benefits of these changes and look forward to a further 10 years at the destination. The store refurbishment has also allowed us to create a great shopping experience to delight our customers.”
Owned by the Triton Property Fund, managed by UBS, the scheme has recently undergone a repositioning programme. This has helped to attract new retailers and new customers from within its wide principal catchment and is further increasing tourist number visiting.
Agents for Springfields Outlet are Knight Frank and SPACE Retail Property Consultants.