ACROSS: As of the conduction of this interview, you have just cut the ribbon open for the new expansion at Landquart Fashion Outlet, congratulations! But first, let us turn to a broader scale: how do you see the current state of the outlet market?
OTTO AMBAGTSHEER: I see the outlet market or the outlet channel as one of the better-performing retail channels. It has always been very resilient despite all the geopolitical issues or inflation and so on. It has always continued to perform strong. Part of that resilience comes down to the value proposition, but it goes beyond that. We focus on creating a genuine day out and an experience: an attractive brand mix, food and beverage, a sense of place. I believe that combination will continue to sustain the channel regardless of what is happening in the world.
Otto Ambagtsheer
CEO of VIA Outlets
ACROSS: Unfortunately, we don’t have much influence over these matters.
AMBAGTSHEER: No, we don’t. The other major trend we’re seeing is consolidation. The outlet market is still highly fragmented: there are only a limited number of owner-operators running more than five or seven centers. What we’re looking at now is that consolidation is beginning to happen, and we believe we are very well positioned to benefit from it. We have a committed 100% owner in APG, which fully supports our growth strategy.
Our growth strategy is a two-pronged growth strategy: organic growth – such as the expansion of Landquart Fashion Outlet – and inorganic growth through acquisitions. Earlier this year, VIA Outlets acquired Scalo Milano and Alicante, and those moves reflect exactly that direction. Consolidation is undoubtedly underway, and VIA Outlets intends to be a driver of it.
ACROSS: That touches on your expansion into Italy and Spain. So, this acquisition strategy is already part of a broader effort to strengthen your position and counter the challenges in the market?
AMBAGTSHEER: Yes. VIA Outlets has had a growth strategy in place more or less from the start, and both dimensions of it are very much active today. The Scalo Milano acquisition was our first entry into the Italian market, a very strategic move. We’re excited about Italy and we think it’s an excellent market for the outlet channel and we’d be keen to grow our presence there. At the same time, Alicante was a natural fit into our vision as we already operate in the Spanish market in Seville and Palma de Mallorca. We’re actively looking for more acquisitions, and our balance sheet is there to support it.
ACROSS: VIA has locations right across Europe. Do you see striking differences in consumer behavior between region, for example, between Southern Europe and the Nordics?
AMBAGTSHEER: The strongest region for VIA Outlets is Southern Europe. Iberia has always been a particularly important market, largely because tourism plays a significant role, especially in Spain and Portugal. In comparison, tourism is a much smaller factor in Nordic regions or in Poland for instance. Every region has its own character. With that said, we’ve seen growth across all our centers, and the southern portfolio – Lisbon, Porto, Seville, Palma – has consistently been a strong performer. It’s a combination of appealing regional conditions and the quality of the individual centers.
ACROSS: That actually leads into my next question about your expansion criteria. What factors guide your decision to move forward with an expansion?
AMBAGTSHEER: The timing of both expansions in Porto and Landquart could not have been better, because both centers were performing exceptionally well. They are among the top performers in our portfolio. That’s the starting point: you look at whether there is brand appetite, are brands eager to enter the center, and can you lease up the new space? You look at sales density, which is the key KPI for outlet centers: what is your turnover per square meter? You assess occupancy – in both Porto and Landquart, occupancy was very high. And, of course, the investment must deliver a financial return. Expansion projects are growth enablers; they take a center to the next level and are value accretive. All of those criteria need to align before we proceed.
ACROSS: And does the catchment area analysis influence which new tenants you bring into an expansion?
AMBAGTSHEER: Absolutely. You can see it right here in Landquart the caliber of brands we’ve welcomed into this expansion is notably higher: Coach, Carhartt, Eleventy, Birkenstock, Läderach and American Vintage. It’s almost a different tier. An expansion also creates the opportunity to upsize brands that are already performing well. Here, we upsized Nike – which is now the largest Nike factory store in Switzerland – as well as Calvin Klein and PME Legend. These were brands already in the center with high sales densities, so it made sense to give them more space. In total, we’ve created around 15 new units here, and the expansion has allowed us to truly elevate our brand mix.
ACROSS: That’s interesting in the context of broader luxury strategy. Just today, Kering announced a new initiative – “ReCONKering” – focused on flagship stores and key luxury hubs. Do you think luxury fashion remains relevant and compelling for the outlet channel?
AMBAGTSHEER: Luxury isn’t really part of our strategy- We position ourselves as premium fashion outlets: our brand mix goes up to the level of Michael Kors, Coach, Eleventy, Polo Ralph Lauren. What we are seeing is that luxury brands are becoming increasingly selective about where they operate. I think that they are keen to decrease their outlet presence, leaning toward flagships and only the strongest centers. But again, luxury doesn’t feature in our portfolio, so the impact on us is limited.
ACROSS: Are there plans to move in that direction over time?
AMBAGTSHEER: We do believe that certain of our fashion outlets have the potential to evolve toward luxury, we call it the luxury journey. It will take time, but the brand quality we’re welcoming into Landquart is already high and premium. So over time, yes, welcoming a luxury brand at select centers is possible.
ACROSS: I imagine it also depends on local consumer appetite.
AMBAGTSHEER: Exactly. We believe the potential exists at certain sites, but there are many centers in our portfolio where luxury simply isn’t the right fit.
ACROSS: Let’s turn to your well-known 3R strategy: re-merchandising, remodeling, and re-marketing. How has that applied to the Landquart expansion specifically?
AMBAGTSHEER: It all began when we acquired the center back in 2014. At the time, there was significant vacancy, so we started with remodeling: addressing the placemaking, the design, the landscaping, the overall look and feel of the experience.
Then came the re-merchandising. Welcoming brands like Polo Ralph Lauren, Michael Kors, Rituals, Armani, Boss and Bally. We always aim for the right mix of well-known international names alongside quality local brands – and we have some excellent Swiss brands in this portfolio. We’ve also invested significantly in food and beverage, establishing a Starbucks flagship, a Five Guys, and Margaux, with other dining concepts coming in the extension.
And re-marketing means repositioning the center, not just focusing on the domestic catchment, but actively reaching international visitors in this region, which is a well-established tourism destination. All three levers working together.
ACROSS: On that note, in the broader industry context, do you think food and beverage genuinely drives dwell time, or is it more of an add-on?
AMBAGTSHEER: We believe it’s far more than an add-on. Food and beverage is a core pillar of our strategy and a fundamental part of the guest experience. If you want to position your outlet as a full day out, the F&B offer has to be right. You arrive, have a coffee, shop, stop for lunch, shop some more, perhaps finish with an early dinner or a glass of wine. This definitely extends dwell time, but it also shapes guest experience. Our rule of thumb is to target F&B at around 10% of total GLA. We’re making good progress toward that across the portfolio, but we’re not there yet in every center, so there’s still work to be done.
ACROSS: Is that 10% target a group-wide standard?
AMBAGTSHEER: Yes, it applies across all our centers. The target is consistent, but the execution varies significantly by market. What works in Oslo is very different from what may work in Seville. Local cuisine, local dining culture – these have to be considered in the offer.
ACROSS: So that same blend of international and local applies to F&B as much as to retail?
AMBAGTSHEER: Definitely. You need your international anchors, like a Starbucks, a Five Guys, but you also need the best local concepts. And the same principle applies to the retail mix: you don’t want the same lineup in Gothenburg as you have in Palma. You need beautiful local Swedish brands alongside the international names in Gothenburg, and Spanish brands in Palma. That localization is something we take seriously across the portfolio.
ACROSS: I’d also like to touch on sustainability and ESG, first in general terms, and then perhaps with some specifics from Landquart.
AMBAGTSHEER: Sustainability is a key part of our DNA. We’re very proud of our GRESB score – last year we achieved 98 out of 100, the highest score achieved by any retail real estate company in 2025, and we’ve maintained a five-star rating for five consecutive years. That places us well above other real estate companies and categorically above the outlet sector. We also hold BREEAM Excellent or above across all our centers. We recently published our audited sustainability report, and the results are something we’re genuinely proud of.
Whenever we undertake an extension, sustainability is non‑negotiable. At Landquart, for instance, sustainability has been embedded directly into the design of the center, from solar panels powering 30 EV charging stations, to a geothermal heating system, and façades constructed largely from local and recyclable materials.
ACROSS: It really is a market differentiator.
AMBAGTSHEER: It is, and we intentionally position ourselves on it. We believe in it, and so do our investors. It’s a genuine differentiator.
ACROSS: So, looking ahead, the priorities are: keeping sustainability leadership, improving F&B across the portfolio, and continuing acquisitions?
AMBAGTSHEER: Yes, and on acquisitions – after Scalo Milano and Alicante – we are certainly not done. Our preference is to acquire in markets and regions where we already operate, because that creates economies of scale and leverages existing teams and market knowledge. Adding Alicante to our Spanish operation was straightforward; entering Italy with Scalo Milano required more groundwork, but now that we have a foothold there, we’d like to build on it. Beyond that, we’re actively looking at opportunities in Germany, Portugal, Poland, and elsewhere. We have an in-house investment team and we’re monitoring the market continuously.
ACROSS: And personally, as someone who has been in this industry for a long time, what is your outlook for 2026?
AMBAGTSHEER: I expect the outlet channel to remain resilient, as it has through previous periods of economic and geopolitical turbulence. The value proposition holds up. We’re already seeing that in Q1 that performance remains solid. And the second major theme is consolidation. We’ve been talking about consolidation in the European outlet market for years, but recent announcements and deal activity suggest it is now genuinely happening. I think 2026 will make that even clearer.
