Redwood supported Realm, the UK’s market-leading operator of outlet retail, to promote a number of recent successes in the retail and trade press. The announcements included a flurry of lettings at Livingston Designer Outlet, as well as overseeing a significant programme of works at Dalton Park.
Several brands – including Barbour, Timberland and Hugo Boss – have committed to Livingston Designer Outlet, Scotland’s largest designer outlet, bringing the total volume of retail space exchanged in the past year to 25,335 sq ft.
Barbour will be taking a 1,601 sq ft unit, whilst hot on its heels, iconic American footwear manufacturer Timberland has signed to take 3,181 sq ft. In addition to these new names, luxury fashion retailer Hugo Boss has committed to a long-term lease at the scheme, following the success of its initial pop up.
These results are the outcome of Realm’s proactive asset management strategy – since Realm was appointed in 2013, occupancy rates have increased by 10 per cent to 95 per cent let.
Meanwhile, in County Durham, Realm has instigated a £2.6m investment to refresh Dalton Park, the North East’s No 1 outlet centre. The refurbishment strategy will enhance the scheme’s reputation as the go-to outlet retail offer in the North East and comes as a result of unprecedented footfall and sale increases of 16% and 10% respectively over the last 12 months.
The 20-week programme of works to the 160,000 sq ft destination, which is owned by TH Real Estate, is expected to be finalised by the end of October, and will include noticeable modernisations to the prominent timber façades, replacement of the mall paving, substantial landscaping and the refurbishment of shopfronts throughout.
The record results Dalton Park has enjoyed over the last 12 months follow the opening of a significant leisure extension in the summer last year. This brought big-name brands including Cineworld, Pizza Express, Frankie and Bennies, Prezzo and KFC to the centre as Realm looked to position the scheme as an all-day retail and leisure destination.
Colin Brooks, Managing Director of Realm, commented: “The last year has seen an impressive mix of premium and high-street retailers introduced to Livingston Designer Outlet. These complement the diverse brands already at the scheme and are evidence of our strategy to secure high quality tenants that enhance the retail experience.
“Similarly, the increased sales enjoyed at Dalton Park are evidence of the popularity of the scheme and outlet retail’s emergence as a strongly performing retail sub-sector. In light of its stand out performance, now is the right time to be investing in the centre to ensure it continues to offer a high-quality environment that appeals to customers and therefore maximises the retail and leisure spend.”