ACROSS: AFTER FREY’S ACQUISITION OF ROS AND THE FIRST JOINT PROJECTS, HOW WOULD YOU DESCRIBE THE STRATEGIC FOCUS FOR 2026? WILL THE EMPHASIS BE ON FURTHER GROWTH, CONSOLIDATION, OR SELECTIVE EXPANSION?
ANTOINE FREY: 2026 is an exciting year for us, as we move from integration into full strategic alignment. As a long-term investor, developer, and operator of full-price and premium outlet shopping destinations, FREY is now fully leveraging the outlet expertise within the Group.
We will continue to grow selectively and opportunistically in the outlet segment while focusing on operational excellence and delivering the highest quality customer experience across our existing centers. Our ambition is to combine thoughtful growth with long-term, sustainable performance – for our brands, our partners, and our customers.
This interview was published in ACROSS Issue 1|2026
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ACROSS: REGARDING YOUR PIPELINE, DO YOU THINK OF ACQUISITIONS AND REPOSITIONING OF EXISTING ASSETS, OR ARE GREENFIELD OUTLET DEVELOPMENTS ALSO IN CONSIDERATION? WHAT DRIVES THAT CHOICE?
ANTOINE FREY: Our growth in 2026 will primarily come from acquisitions, allowing FREY to unlock value quickly and responsibly by applying its integrated investor-developer-operator model. Repositioning and enhancing existing assets is a core strength of the Group. Malmö Designer Village is currently our only greenfield development, allowing us to focus on delivering the highest standards of design, sustainability, placemaking, and long-term success.
ACROSS: HOW DO YOU CURRENTLY ASSESS THE EUROPEAN OUTLET MARKET? WHICH REGIONS AND MARKETS SHOW THE STRONGEST GROWTH POTENTIAL? WESTERN EUROPE, SOUTHERN EUROPE, OR CEE?
ANTOINE FREY: Overall, we see a healthy and resilient European outlet market, with opportunities across all regions. As a pan-European platform, FREY does not focus on a single geography but rather on the quality of each opportunity.
“Europe’s outlet market will inevitably consolidate – and FREY intends that evolution by setting new benchmarks.”
The geographical distribution of our projects simply reflects the size and maturity of each market. Our strategy remains opportunistic: we position ourselves where the fundamentals are right, whether in Western Europe, Southern Europe, or Central and Eastern Europe.
ACROSS: EUROPE’S OUTLET SECTOR REMAINS FRAGMENTED. DO YOU SEE THIS PRIMARILY AS A CHALLENGE OR AS AN OPPORTUNITY FOR GROUPS LIKE FREY AND ROS TO SET NEW BENCHMARKS?
ANTOINE FREY: The fragmentation of the European market represents a very compelling opportunity for FREY. As a fully integrated group, we are well-positioned to set high standards, establish new benchmarks, and act as a leading driver of consolidation. Brands today are far more mature in their outlet strategies and understand the channel very well, which allows us to focus on efficiency, partnership, and experience rather than education.
“We see ourselves as a true commercial hotel, offering brands a flexible, low-risk environment to test, learn and grow.”
Europe will inevitably follow the path of the United States, and FREY intends to play an active role in shaping that evolution through operational excellence and differentiated customer experiences.
ACROSS: MANY OUTLET CENTERS STRUGGLE WITH INCREASINGLY SIMILAR BRAND LINE-UPS. HOW DO YOU AVOID STANDARDIZATION WHILE STILL DELIVERING STRONG COMMERCIAL PERFORMANCE FOR BRANDS?
ANTOINE FREY: Avoiding standardization starts with a very curated brand strategy across the FREY portfolio. We carefully select our brands and develop innovative concepts such as pop-up stores, exclusive collaborations, and test formats. Customer experience remains central, and we facilitate the entry of new brands into the outlet channel by providing plug-and-play solutions. We see ourselves as a true ‘commercial hotel’ — offering brands a flexible, low-risk environment to test, learn, and grow before committing long-term.
ACROSS: HOW CENTRAL ARE PLACEMAKING, F&B, CULTURE, AND LEISURE TO OUTLET PERFORMANCE BESIDES DISCOUNT OFFERINGS? AND WHERE DO YOU SEE THE BIGGEST UNTAPPED POTENTIAL?
ANTOINE FREY: For FREY, placemaking is a core value driver across both full-price and outlet destinations. Customer journey, gastronomy, culture, and leisure are key levers to extend visit time and build loyalty. Discount is no longer enough on its own. Our ambition is to transform outlet visits into memorable commercial journeys – destinations where shopping, leisure, and experience naturally come together.
ACROSS: DIGITAL COMMUNITIES AND AI-DRIVEN PERSONALIZATION ARE SHAPING CONSUMER BEHAVIOR. HOW DO YOU SEE DIGITAL TOOLS ENHANCING THE PHYSICAL OUTLET EXPERIENCE?
ANTOINE FREY: Digital tools help us better understand our guests, personalize their journey, and even surprise them with offers and experiences they didn’t know they were looking for. As an operator, FREY sees digitalization as a way to enhance – not replace – the physical experience. Apps offer notifications and VIP services that enrich the customer journey and create a seamless, fully integrated experience between online and offline.
ACROSS: PROJECTS LIKE MALMÖ DESIGNER VILLAGE POSITION SUSTAINABILITY AS A CORE VALUE DRIVER. HAS ESG MOVED FROM BEING A “NICE TO HAVE” TO A DECISIVE FACTOR IN OUTLET DEVELOPMENT AND INVESTMENT?
ANTOINE FREY: Absolutely. For FREY, sustainability is not just about responsibility – it directly supports long-term value, brand attractiveness, and customer loyalty. As a B Corp-certified company, ESG is fully embedded in our strategy as an investor, developer, and operator, shaping how we design, finance, and manage our destinations over the long term. At Malmö Designer Village, for example, we integrate geothermal energy and solar panels to reduce the carbon footprint, alongside an ambitious landscaping concept with over 300 trees and local plant species to support biodiversity. These initiatives strengthen project resilience, enhance consumer perception, and attract brands that share our values.
ACROSS: HOW DO GEOPOLITICAL TENSIONS AND ECONOMIC VOLATILITY INFLUENCE YOUR EXPECTATIONS FOR CONSUMER SENTIMENT AND BRAND DEMAND IN 2026? IS THE OUTLET MODEL PARTICULARLY RESILIENT IN THIS ENVIRONMENT?
ANTOINE FREY: In uncertain times, the outlet model has proven to be particularly resilient. Consumers today are used to navigating economic volatility, and outlets provide tangible, reassuring value through strong brands and attractive pricing – a proposition that remains highly relevant even in a complex global context.
ACROSS: IF WE LOOK FIVE YEARS AHEAD, HOW DO YOU EXPECT THE EUROPEAN OUTLET LANDSCAPE TO EVOLVE? WHAT ROLE DO FREY AND ROS AIM TO PLAY IN SHAPING THAT FUTURE?
ANTOINE FREY: In five years, we expect the European outlet market to be increasingly defined by quality, experience, and professionalism, alongside a gradual consolidation of major players. FREY’s ambition is to become the leading player in Europe’s premium outlet sector, shaping its future by setting new standards in customer experience, sustainability, and partnership, while continuing to grow a balanced portfolio of full-price and premium outlet destinations alongside the world’s best brands.
