What's Happening?
Landsec's outlet centres have reported an 8.1% increase in sales year-on-year during the Black Friday week, marking the strongest performance for this period in the company's history. The outlets, including
Gunwharf Quays, Braintree Village, and Clarks Village, collectively generated £16.3 million in sales, with footfall increasing by 8.6% compared to the previous year. Braintree Village experienced its highest footfall day since the COVID-19 pandemic. Gunwharf Quays saw 25 stores achieve record sales weeks, with nine brands setting new records on Saturday. Bruce Findlay, managing director of retail at Landsec, highlighted the strength of the outlet model and the appeal of in-person retail, which offers value and unique experiences. Shoppers primarily spent on health and beauty, gifts, cards, toys, books, and accessories.
Why It's Important?
The record sales figures for Landsec's outlet centres during Black Friday week underscore the resilience and appeal of physical retail spaces, even as e-commerce continues to grow. This trend highlights a consumer preference for in-person shopping experiences that offer not only value but also leisure and entertainment. The success of these outlets suggests that the retail sector can thrive by providing unique, experience-driven shopping environments. This development is significant for the retail industry, as it indicates potential growth opportunities for physical stores that can adapt to changing consumer preferences. Retailers that can offer a blend of value, convenience, and experience may gain a competitive edge in the market.
What's Next?
Landsec's strong performance during Black Friday week may encourage other retailers to invest in enhancing the in-person shopping experience. This could involve integrating more leisure and entertainment options into retail spaces to attract consumers seeking more than just shopping. Additionally, the success of Landsec's outlets may prompt further expansion or redevelopment of existing retail spaces to capitalize on the demand for experience-led shopping. Retailers may also explore partnerships with brands that can offer unique products or experiences to draw in more foot traffic. The continued focus on creating engaging retail environments could shape the future of the retail industry.
