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Viladecans The Style Outlets. Credit: NEINVER

NEINVER’s outlet portfolio grows sales by 7% and exceeds €1 billion

The portfolio of 16 outlet centres in Europe welcomed over 45 million visitors.

NEINVER has announced another year of robust growth, with sales increases across its 16 outlet centres totalling €1.047 billion in 2019, a 7% like-for-like increase compared to the previous year. Moreover, the centres operated by NEINVER welcomed more than 45 million visitors over the course of the year, a 3% like-for-like increase compared to 2018.

“Our outlet portfolio has recorded a strong performance in 2019, with total sales increasing at higher rates than the two previous years. These positive figures back our strategy of reenergising our strongest centres and investing in positioning our newest ones by improving the shopping experience of our customers, attracting new retailers and crafting a more premium brand mix in some centres,” says Carlos González, NEINVER’s Managing Director. “The outlet sector has proved to be a resilient and successful channel for growth. It offers great value-add opportunities when combined with a specialised management model and a strong customer-centric strategy.”

The portfolio has shown sustained average occupancy, ending the year with 96% occupancy and an average spend increase of 4% in the past 12 months. In 2019, the company completed over 383 leasing deals. New additions to the brand line-up included top labels such as The Cosmetics Company Store from Estée Lauder Group, Des Petits Hauts, Façonnable, Hackett, Peter Kaizer, US Polo and Zapa. Moreover, brand partners opened new stores and, in some cases, upsized them, doubling or tripling the existing space. New stores included Adidas, Geographical Norway, GS Sport (New Balance and Superdry), Inditex Group, Jack & Jones, Marina Militare, Nike, Pazolini, Puma, Salomon, Scotch & Soda, Starbucks and Thomas Sabo, among others.

Growth in all countries

The main indicators for sales and foot traffic grew in 2019 in all the markets where NEINVER operates, with the strongest performance in Germany. Halle Leipzig and Montabaur The Style Outlets led the positive results with double-digit increases in sales and visits. Brands’ sales in both centres rose 15% and footfall increased 10% to 3.4 million visitors. The Halle Leipzig centre continued to show outperforming results after the opening of Phase II in April 2018 and added ten new stores in 2019, including more diverse food and beverage options.

In Spain, the six outlet centres in Madrid, Barcelona, A Coruña and Barakaldo grew sales by 9% and received over 21 million visitors, a 7% increase. Additionally, the Spanish portfolio recorded a 62% increase in new leases.

In the French market, sales and footfall at Roppenheim The Style Outlets rose by 8% and the number of visitors reached 2 million. NEINVER recently finished renovating the centre’s exterior areas to continue offering an ultimate shopping environment that complements the centre’s premium brand mix.

In Poland, the five centres operated by the company received over 12.3 million visitors and like-for-like sales increased by 3%, despite the introduction of the Sunday trading ban in the country that limited trading Sundays to only one Sunday per month. The four FACTORY centres – in Warsaw (Ursus and Annopol), Krakow and Poznan – increased their portfolio of top-end brands with over 20 new outlet stores over the course of the year. The company strengthened its leadership in the Polish market when NEINVER and Nuveen Real Estate jointly acquired Silesia Outlet in Gliwice.

The two well-established The Style Outlets centres in Italy – Vicolungo and Castel Guelfo – increased sales by 3% and welcomed 6.3 million visitors. In line with NEINVER’s focus on designing a compelling food and beverage offer, Vicolungo The Style Outlets enriched and diversified the dining offer with the introduction of gourmet formats such as “Antonino, il banco di Cannavacciuolo” and Saporè.

NEINVER’s growth strategy

NEINVER’s investment and growth strategy includes refurbishing some established centres to continue providing the best environment for visitors while increasing its portfolio through selected opportunities.

“As in the last couple of years, we will focus on refurbishing and renovating our schemes and we will also continue to expand our footprint in the market through new developments and acquisitions. In 2019, we added Silesia Outlet, in Poland, to our portfolio and this year we will be opening a landmark retail destination in the Netherlands: Amsterdam The Style Outlets, whilst continuing to work on our project in France, in the Alps region. Moreover, we are actively looking for new acquisition opportunities in Europe,” comments Carlos González.

The company will complete renovation of Vicolungo The Style Outlets in Italy near Milan in the coming months. The €9 million upgrade, led by the prestigious international architecture studio Chapman Taylor, includes the renovation of the main square, the canopies and the street furniture, among other items, and the introduction of new leisure options for families. In Spain, NEINVER recently completed refurbishment works at San Sebastian de los Reyes The Style Outlets and is working on the renovation of Getafe The Style Outlets, with a combined investment for both centres of €10 million.

This autumn, NEINVER and Nuveen Real Estate will open Amsterdam The Style Outlets in the Netherlands. Construction works are progressing successfully with 50% of the structure already completed and close to 80% of GLA pre-leased. In France, the company is working on its second outlet centre, Alpes The Style Outlets, located close to the Swiss border between Geneva and Lyon.

Reinforcing commitment with ESG strategy

In line with NEINVER’s ESG strategy and its commitment to maximise the value generated for all its stakeholders, the company improved its GRESB -global environmental, social and governance (ESG) benchmark for real estate assets – score to 82/100, from 69/100 in 2019. Among the sustainability milestones, the company obtained the AIS accessibility certification for all its Spanish portfolio and extended the ISO 45001 for nearly its entire portfolio in Europe. Thus, it now has 90% of its portfolio certified under four ISO standards (9001,14001,50001 y 45001) and BREEAM In Use.


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