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Record sales for Land Securities’ factory outlets

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Land Securities’ factory outlets experienced a hugely successful post-Christmas shopping period with the Galleria Shopping Centre, Hatfield experiencing its biggest rise in post Christmas sales since it opened 20 years ago.

Trading at Gunwharf Quays in Portsmouth, meanwhile, was up 22 per cent compared to week 52 of the previous year, with retail trading increasing 23 per cent.

Male and female fashion products were the most popular purchases at both retail sites.

A statement from Land Securities said that the success experienced by the outlets prove they are increasingly attractive shopping and leisure destinations, with the 233,000 customers visiting in the final week of 2010 representing a 14 per cent rise year-on-year.

Portfolio Director for Retail and Hotels at Land Securities, Deepan Khiroya, said: “It demonstrates that customers see our outlet centres as a great day out.”

Land Securities last year purchased the Overgate Shopping Centre in Dundee for £141 million, adding to its already extensive retail portfolio which includes the White Rose Centre in Leeds and One New Change in central London.

The year ahead could be tough for retail property owners, however, with research from various economic commentators suggesting that consumer confidence will continue to fall and secondary shopping centres will struggle.

Speaking to Retail Gazette in November last year, Property Economist at Capital Economics Kelvin Davidson said: “We are not optimistic about the next year for retail property, the overall spending picture is weak.

“Vacancies are already high outside of London and that will just get worse.”

Published on Tuesday 11 January by Editorial Assistant

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