Landsec hails boost in sales and footfall at end of 2024
Landsec has reported a strong ‘golden quarter’ across its real estate assets, with both footfall and sales increasing across its portfolio during the latter end of 2024.
During the quarter, over £800m was spent across Landsec destinations, ahead of the real estate investment trust’s expectations. Overall, spending was up by 3.8% year-on-year, ahead of British Retail Consortium (BRC) benchmarks which recorded an overall sales growth of 0.4% for the same period.
In particular, Trinity Leeds saw an increase in sales of 13.1% following the arrival of new tenants, including Nike and Zara, earlier in the year.
Footfall across Landsec’s portfolio grew by 1.9% year-on-year during the quarter, up compared to the BRC benchmark which recorded a 2.5% decrease during the same period. In December alone, an extra one million people visited a Landsec retail destination.
This follows Landsec’s recent half year results which reported that occupancy at its major retail destinations has exceeded pre-pandemic levels, as brands choose to invest in fewer, but better stores. At Bluewater in Kent, ten new stores were opened, including Sephora, Bershka, and Aesop during the golden quarter alone.
Bruce Findlay, managing director for retail at Landsec, said: “Following our recent acquisition of Liverpool ONE, we now own seven out of the top thirty performing retail destinations in the UK. These best-in-class destinations continue to outperform external benchmarks as both brands and consumers flock to prime locations.
“Attracted by new brands, the best format stores and all day out experiences, shoppers are choosing to spend time in prime retail spaces. With growing footfall and sales, brands are in turn investing in the very best locations.”