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centre:mk is latest mall to report strong performance

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2 weeks ago

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January 16, 2025

Milton Keynes mall centre:mk has announced a successful end to 2024 and start to 2025 and becomes just the latest big-name shopping centre to do so.

centre:mk

Malls have outperformed in recent periods and centre:mk, one of the top 10 prime retail destinations in the UK, said it has been exceeding footfall benchmarks across the UK since 2014. 

The first week of 2025 saw a 20% footfall rise, 10.8 percentage points ahead of high street destinations and 11.3 percentage points above the shopping centres sector in general. That underlines the inequality we’re seeing in shopping centre performance with the most prominent ‘supermalls’ bouncing back better than run-of-the-mill destinations.

The operator said the “promising” start to 2025 follows a “positive 2024 at the centre”. From 31 December 2023 to 28 December 2024, footfall there reached 21.4 million, finishing with a rise of 1.5% year-on-year which may not be huge but was 2.9 percentage points ahead of the UK benchmark. 

The destination saw over 6 million visitors in Q4, with 21 December its busiest day of the year. Interestingly, that day even beat Black Friday. 

centre:mk

The mall saw plenty of high-profile openings last year, including SpaceNK, Mint Velvet, Castore, Goldsmiths, and Office, as well as the important food and beverage brands that are also crucial to such destinations.

Centre direct Kevin Duffy also highlighted the mall’s footfall-to-spend conversion rate of over 95% last year.

As for the strategy to continue its performance into 2025, it’s planning to bring back some proven popular events such as Fashion Weekend, Handmade and Vintage Spring Extravaganza and The MK Job Show. It’s also the headline sponsor of the Milton Keynes International Festival with a range of activities in the destination linked to that.

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Fashion

M&S cuts kidswear prices as it aims to attract more family shoppers

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3 minutes ago

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January 31, 2025

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January 31, 2025

With cost remaining a decisive factor for consumers, M&S said Friday (January 31) it’s continuing to cut prices of over 300 “family favourite” products with kidswear the latest target.

M&S

The high street retailer said it “re-affirms its commitment to delivering trusted value and everyday low prices on the products that matter most to its 32 million customers”.

The latest cuts include an up to 20% price reduction on over 100 products from its ‘everyday essentials’ Kidswear range.

Key pieces include its Cotton Rich Hoodie and Joggers as well as range of Sweatshirts, Leggings and T-Shirts which now start from £5.50, with the retailer saying the reduction in price will not compromise on the “quality or high sourcing standards it is known for”.

Alexandra Dimitriu, Kidswear director, Clothing & Home, said: “Now more than ever, customers are looking for trusted value. When it comes to clothing, we know value is more than just the product’s price – they also want confidence that it is made well and made to last and offers versatility.”

M&S reported positive figures for its festive trading period with total group sales increasing 5.6% to £4.064 billion, but much of the strength was concentrated in the Food area with Clothing, Home & Beauty, rising just 1% to £1.305 billion, with like-for-like sales rising ahead of the market at 1.9% as underlying sales grew 2.6%.

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Burberry names new exec in charge of tech team

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34 minutes ago

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January 31, 2025

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January 31, 2025

Burberry announced a key appointment on Friday with the luxury business saying it will soon have a new chief information officer.

Charlotte Baldwin

It has appointed Charlotte Baldwin to the role and she’ll join the business at the end of March. Baldwin will be responsible for leading Burberry’s global technology team and will join the executive committee. She’ll report directly to Burberry CEO Joshua Schulman. 

He described her as “a highly experienced technology and digital leader with a track record of leading large-scale digital transformation”.

She hasn’t previously worked in the luxury fashion sector but has wide-ranging experience across some major-name businesses in Britain.

She’s currently the global chief digital and information officer at coffee chain Costa Coffee where she oversees the company’s technology, digital and data organisation. 

Prior to joining that firm, she was the chief information, digital and transformation officer at private healthcare giant Bupa’s Bupa Insurance unit. She’s also held senior roles at Freshfields Bruckhaus Deringer, Pearson and Thomson Reuters.

Burberry has been navigating a tough period of late and Schulman joined in the top job last year, tweaking the firm’s strategy. His approach seems to be paying off with the company last week porting improved results, although the turnaround is still undeniable a work in progress.

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Gloucester Quays joins the record-breaking band of shopping centre successes

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January 31, 2025

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January 31, 2025

Another day, another shopping centre delivering a “record-breaking” performance in 2024. This time it’s Gloucester Quays “capping off another year of considerable growth”, for the owner/operator Peel Retail & Leisure.

That included record Christmas trading at the key Gloucester mall, which helped overall sales for the year finish 6.7% ahead of the national average. Across November and December, retail sales grew 3.6% compared with 2023.
 
Looking at 2024 in total, an overall 7.4% year-on-year sales increase across its tenants was split between 6.1% for retail, and 8.5% for F&B.

But there was also double-digit growth from leading fashion, homewares, and outerwear brands including Next, Skechers, All Saints, Mountain Warehouse, Puma, Crew Clothing and Suit Direct. 

It said sustained growth was seen across all categories “points to the increasing relevance of the Gloucester Quays experience”.

Paul Carter, asset director at Peel Retail & Leisure, added: “There have been various headlines this month about how challenged retail was around Christmas, so to have Gloucester Quays performing so well is a real credit to our team and our brands.

“These results also serve as a reminder of how relevant and in demand this outlet is. We have experienced consistent growth for several years, and that success can be put down to the quality of our offer and waterside environment. There is no doubt our catchment is responding to how we have evolved Gloucester Quays, as an urban outlet that combines a compelling shopping environment with dining and leisure to fit all tastes and needs, benefitting from a heritage waterside setting that few regionally can match.”

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