ACROSS: MR. REICHENAUER, THE TAKEOVER BY FREY HAS ATTRACTED A LOT OF ATTENTION IN THE INDUSTRY. HOW DID THIS PARTNERSHIP COME ABOUT?
THOMAS REICHENAUER: Essentially, after more than ten years of successful work as a third-party management company, we faced a strategic question: How can we ensure the long-term viability of ROS? My partner Gerhard Graf and I never had our own outlets in our portfolio, unlike many competitors. That was a strength because we were neutral, but at the same time, it was a risk since we lacked a second strategic pillar.
With FREY, the perfect opportunity arose at the beginning of 2024. FREY specifically wanted to enter the outlet business, had the financial resources to acquire portfolios, and was looking for an experienced management partner. ROS brings exactly this expertise. That’s how the setup came about: FREY as owner, ROS as operating partner. At the same time, ROS continues to work for other investors. The new branding clearly expresses this partnership: “ROS – Part of FREY Group.” For us, it’s the ideal combination of continuity and expansion.
THOMAS REICHENAUER
Thomas Reichenauer is Co-Founder and Managing Director of ROS Retail Outlet Shopping. Together with Gerhard Graf, he has led the company founded in 2011, which has developed into one of Europe’s leading independent outlet operators.
ACROSS: IN A NUTSHELL, WHAT CHANGES FOR ROS THROUGH THE MERGER WITH FREY, AND WHAT STAYS THE SAME?
REICHENAUER: For ROS, one thing above all changes through the partnership with FREY: We can now base our activities on another strategic axis. In addition to our classic third-party management, which we successfully operate for investors such as Blackstone or the Mutschler Group, we will also be able to manage outlets owned by FREY in the future. This gives us planning security and opens access to larger acquisitions, as it did recently in Italy or Berlin.
What remains is our DNA: ROS continues to be an independent management company with an international orientation. We will continue to maintain contracts with various owners, further develop our centers operationally, focus on innovation in digitalization, customer loyalty, and tourism marketing, and build on the trust of brands and investors. And especially in the leasing sector, the larger number of locations offers far more opportunities for our brand partners. In short, the ownership dimension through FREY. Unchanged is our role as a pan-European outlet specialist that delivers reliably and cultivates long-term partnerships.
ACROSS: A SECOND MILESTONE IS THE BIG ITALY DEAL. WHAT’S BEHIND IT?
REICHENAUER: In summer 2025, FREY took over the sites Franciacorta (Lombardy), Valdichiana (Tuscany), and Palmanova (near Trieste) from the Land of Fashion Management Company. At the same time, ROS additionally assumed operational responsibility for Mantova Village (Lombardy) and Puglia Village (Apulia), two further premium outlets owned by Blackstone. This means that ROS is now responsible for managing five renowned Italian designer villages with around 11 million visitors annually.
This step gives us several advantages: First, we strengthen our presence in one of Europe’s most essential outlet markets. Second, we benefit from synergies. Italian brands can, in the future, be more easily introduced into our centers in Germany, Portugal, or Croatia, while we bring international labels into Italy. Third, it means that ROS now has its own head office in Milan.
By the way, Italy was not unfamiliar to us. We had projects there before. However, we now have the opportunity to emerge as one of the top players in the market.
FREY and ROS expanded their European footprint with the acquisition of Designer Outlet Berlin in May 2025, setting the stage for an exciting new chapter in its growth and success as a leading premium outlet shopping destination in Germany.
Credit: ROS
ACROSS: EARLIER IN 2025, YOU, AS A GROUP, ALSO TOOK OVER DESIGNER OUTLET BERLIN. WHAT IS THE SIGNIFICANCE OF THIS LOCATION FOR YOU?
REICHENAUER: Berlin, as the German capital with enormous purchasing power and international appeal, is a no-brainer. Until now, there was only a single outlet center there, so the potential is correspondingly great. Together with FREY, we assumed control of the center, along with the management team.
The project is already performing very well, is fully leased, and has excellent prospects. In the medium term, we want to expand the offering further through the integration of adjacent areas. We are not aiming for a quick exit, but for long-term sustainable development.
ACROSS: LET’S LOOK NORTH: WITH MALMÖ DESIGNER VILLAGE, YOU ARE PLANNING THE FIRST PREMIUM OUTLET IN SCANDINAVIA.
REICHENAUER: Correct. This project serves as a benchmark for us in several respects: sustainability, design, and international appeal. The opening is planned for spring 2027.
The location north of Malmö is strategically ideal: through the Öresund Bridge, we open up not only southern Sweden but also the greater Copenhagen area. We are working specifically with Scandinavian leasing experts to anchor the brand mix locally. Architecturally, we are relying on the clear, restrained Nordic style, less playful than, for example, in Portugal or Croatia. In addition, there is strong cross-border marketing that appeals to tourists from both countries. For us, Malmö is a lighthouse project that will set new standards in the European outlet market.
ACROSS: DESIGNER OUTLET KRAKOW OPENED IN MAY OF THIS YEAR. HOW IS THE LOCATION DEVELOPING?
REICHENAUER: Krakow is still in the early phase, but we are delighted with the leasing rate. A new center always needs some time to realize its full potential, but the conditions are excellent. Hugo Boss has already opened; further brands will follow step by step. This way, we create a continuous enlivening of the location. Of course, it is crucial to target the catchment area around Krakow specifically and to anchor the center in the market. But especially in the current economic situation, it shows that an opening with this leasing rate is a success. We are convinced that Krakow will develop into a strong part of our portfolio in the coming years.
New ROS-opening in 2025: More than 50,000 visitors embraced the grand opening of Designer Outlet Kraków, discovering exclusive discounts and a vibrant experience at Poland’s newest premium outlet destination.
Credit: FREY
ACROSS: IN SEVERAL COUNTRIES, YOU ALSO EXPANDED EXISTING CENTERS IN 2025.
REICHENAUER: Yes, that is an integral part of our strategy. Examples are the designer outlets in Algarve, Geislingen, Zagreb, and Gdansk. Gdansk was fascinating: there, we repositioned the food court with measurably positive effects on visitor frequency and sales.
Also in Croatia, we opened a retail park with 15,000 sqm at the same time, on behalf of IKEA. ROS is primarily specialized in outlets, but such synergies in the full-price segment are now part of the picture.
ACROSS: YOU MENTIONED SYNERGIES. WHERE DO YOU SEE THE MOST IMPORTANT LEVERS FOR ROS AND FREY?
REICHENAUER: There are several levels:
- ESG: Sustainability is crucial not only in the construction of new centers, but also in ongoing operations. We invest in energy-efficient technologies, mobility concepts, and recycling initiatives.
- Digitalization: A lot is happening here. We have already tested a completely AI-generated marketing campaign, from visuals to texts. The result was astonishingly good. In the future, AI will change not only communication but also leasing processes and contract drafting.
- Leasing: Through the expansion of our portfolio, we can offer brands opportunities for expansion across Europe, including Italy, Germany, and Scandinavia. This clout sets us apart from nationally operating operators.
- Tourism: For many of our locations, tourism is a key factor. Algarve thrives on vacation tourism, Berlin on city tourism, and Malmö will benefit from cross-border travel. We are currently strongly professionalizing this area.
ACROSS: NEVERTHELESS, OUTLETS ALSO FACE SIGNIFICANT CHALLENGES. WHICH ONES DO YOU CURRENTLY SEE?
REICHENAUER: The macroeconomic situation with inflation, restrained consumption, and geopolitical uncertainties affects us just like other formats. However, outlets at the same time benefit from their core idea: brand quality at reduced prices.
Visitor numbers are stagnating in many places, but the average purchase value continues to rise, even adjusted for inflation. This indicates that outlets reach attractive target groups. However, precise customer targeting is decisive: through social media, newsletters, CRM, and loyalty programs.
In addition, there are structural trends: demographic change, the growing importance of sustainable brands, and the importance of public transport connections instead of pure car traffic. Those who do not invest here will lose ground. And the market will consolidate. Smaller operators without an international portfolio will struggle, as brands increasingly prefer pan-European partners.
Designer Outlet Algarve is located in Loulé, Portugal. 18.000 sqm and 90+ brands opened in 2017
Credit: ROS
ACROSS: ROS HAS SET ITSELF THE GOAL OF BECOMING ONE OF EUROPE’S LEADING OUTLET OPERATORS. WHAT DOES THAT MEAN CONCRETELY?
REICHENAUER: Our mission is clear: we want to be among the top three operators in Europe. With currently 19 centers under management, we are already on par with the most significant market players. But we intend to continue growing both through acquisitions of existing centers and through targeted new developments, such as in Malmö. At the same time, we remain true to our principle: never overpromise, always deliver. Trust is our most important currency, both with brand partners and with investors. We only make commitments that we can keep. This principle has made ROS great, and we will continue to build on it in the future.
ACROSS: FINALLY, WHERE WILL ROS BE IN TEN YEARS?
REICHENAUER: I am convinced that in ten years, ROS will be a European market leader with a diversified portfolio of over 40 centers firmly anchored in Italy, Germany, Scandinavia, and other key markets. We will set standards in sustainable development, digital management, and tourist integration.
In short, ROS will serve as a synonym for professional and reliable outlet management in Europe. The partnership with Frey also puts us in the role of an innovator for the outlet industry, whether in terms of outlet design, digitalization, or marketing. We view ourselves as a driver of innovation for the European outlet scene.
