Landsec reports strong growth in Q1 retail sales and footfall

Landsec has announced strong first-quarter performance across its portfolio of prime retail assets, including prominent destinations such as Bluewater Kent, Trinity Leeds, and Liverpool One. The company reported significant year-on-year increases in both sales and footfall, following what was a record year for its retail destinations.

From April to June this year, Landsec’s major retail destinations saw total sales rise by 8.1 percent year-to-date, while footfall increased by 4.8 percent. Retail outlets demonstrated particularly strong performance, with sales up 11.2 percent and footfall up 8.4 percent, reflecting a consumer preference for the experience offered by outdoor retail villages. Braintree Village in Essex, a popular outlet destination, experienced a 14.9 percent year-on-year boost in sales during this quarter.

Bruce Findlay, managing director of retail at Landsec, commented on the results, stating, “Brands and consumers prioritise compelling shopping experiences, and prime retail destinations consistently outperform external benchmarks as a result. This quarter’s strong performance follows a record-breaking year for spend across major Landsec retail destinations. We’re experiencing a circular growth trend of higher sales and footfall at these top shopping destinations, which in turn encourages brands to invest in bigger and better offerings at these locations.”

The company said in a statement that favorable weather conditions, with the sunniest first quarter on record, also encouraged shoppers to update their wardrobes and purchase health and beauty products, leading to a 15.7 percent year-on-year rise in clothing sales and a 15.5 percent increase in fragrance, health, and beauty sales. This strong growth, which significantly outpaces the wider market, has also been supported by continued investment from brands, pushing overall occupancy across Landsec’s destinations to nearly 97 percent.