Lifestyle Outlets’ Manchester scheme thrives as Vue commits to leisure investment
Lifestyle Outlets, part of Peel L&P, has bucked the national retail trend and reported close to double digit sales growth and record footfall across its two operational centres in Manchester and Gloucester.
Lifestyle Outlets’ annual figures for the year end to 31 March 2018 show sales rose to £94.2m, a 9.6% year-on-year (YoY) increase, after the two centres generated a combined footfall figure approaching 12 million.
This represents the third consecutive year of YOY sales growth above 9%, as significant investment across its two operational sites – Gloucester Quays and Lowry Outlet– continues to pay dividends. Top performing categories included menswear; outdoor and sportswear; and homeware.
Lifestyle Outlets offer consumers a balanced combination of exciting leisure and entertainment attractions with a strong retail offering. The inclusion of quality leisure in the make-up has encouraged footfall and helped position the centres as destinations.
Defying the gloomy news from the high street, the high-end outlet operator secured a number of high-profile tenants as vacancy rates across the two sites fell to historically low levels.
Gloucester’s menswear was buoyed by the addition of a new Hugo Boss store, with the iconic brand opening a 3,200 sq ft outlet. This was supplemented by global sports brand, adidas, joining the retail line up, opening a circa 6,000 sq ft sportswear offering. Wagamama also opened a new 3,700 sq ft restaurant, complimenting the wide range of restaurants and bars available at Gloucester Quays.
Last week, Vue Cinemas finished a multi-million-pound redevelopment at Lowry Outlet and committed to the centre with a new 20-year lease.
Jason Pullen, managing director, Lifestyle Outlets said: “We are naturally delighted to have achieved a significant jump in sales at the two centres and record footfall numbers. It is testament to the investment we continue to make and our vision to make outlets go-to destinations. They contain an exciting hybrid of retail products consumers can’t buy online, a range of leisure attractions for families and are underpinned by a strong mix of food and beverage operators.”
Lifestyle Outlets will continue with a focused investment strategy for the year ahead. At Lowry Outlet, £26m is being invested to convert the southern waterfront into a landmark food and beverage destination, creating 35,000 sq ft of new leisure space and 150 jobs. The Watergardens will also deliver an exciting range of restaurants, bars and leisure amenities – and see the outlet tenant mix extended and enhanced.
Plans are progressing to expand its portfolio with the £100m Glasgow Harbour Lifestyle Outlet, which will regenerate Glasgow’s waterfront and deliver a major leisure attraction in the city.
Pullen adds: “We are creating a new type of elevated shopping experience at our Lifestyle Outlets in Gloucester and Manchester and look forward to bringing the experience to our latest £100m development in Glasgow.
“Our strategy is to simultaneously drive footfall and spend from wider catchments as well as engaging with the local community, positioning our Outlets as the place to come and spend time with friends and family. Gone are the days when outlet stores are an afterthought.”
The year’s operational highlights
- 6 % increase in sales across the two centres in Gloucester and Manchester
- Total sales volume of £94.2m