FASHION HOUSE Group to increase investments in Central and Eastern Europe and Russia
2016 was the next great year for FASHION HOUSE Group. The company duly opened FASHION HOUSE Outlet Centre Moscow phase II on November 4th. The scheme generated excellent business results – double digit growths on KPIs.
FASHION HOUSE Group is now focused on a new project, FASHION HOUSE Outlet Centre St Petersburg. With this scheme and the planned phase III in Moscow, all the Group’s investments in Russia will exceed the level of €200 million.
There are also new plans for Romania, covering extension of FASHION HOUSE Outlet Centre Bucharest (West) as well as a development of a new outlet east of the capital city.
FASHION HOUSE Group is a leading player in the European outlet sector. The company has delivered and currently manages 5 outlet centres under the FASHION HOUSE brand in Russia (Moscow), Romania (Western Bucharest) and Poland (Warsaw, Gdańsk and Sosnowiec) of a total lettable area of almost 100,000 sqm.
OVER €200 MILLION FOR INVESTMENTS IN RUSSIA
On November 4th 2016, the company duly opened the phase II of FASHION HOUSE Outlet Centre Moscow, the first fully enclosed scheme of this type in Russia. The centre has now 20,000 sqm and over 90% of GLA Trading Area is commercialized. Among the tenants are Tommy Hilfiger, Furla, Pinko, adidas, Reebok, US Polo, Tom Tailor, Benetton, Nike, Puma, Lacoste, Tru Trussardi, Samsonite, Salomon, Etro, Max Mara and others. 2016 was also the next year of double digit growths for FASHION HOUSE Outlet Centre Moscow. In comparison to 2015 sales increased with 20%, sales density with 11% and average transaction value (ATV) with 15%. Moreover, Moscow was, the first city where FASHION HOUSE Group implemented its new omnichannel strategy, with the first online outlet centre in this part of the world, and a new approach to foodservice offer.
FASHION HOUSE Group is now focused on the development of FASHION HOUSE Outlet Centre St Petersburg (the phase I to be opened in 2018). With this scheme and the planned phase III in Moscow, all the Group’s investments in Russia will exceed the level of €200 million.
Russia remains the key market for FASHION HOUSE Group. We see a huge potential for developing new facilities in the country. Consumers in Russia are looking for more and more highest quality brands and the Russian luxury goods market is growing year on year. The country’s economy returns to growth, what is very promising for all investors – comments Patrick Van Den Bossche, Managing Director of Liebrecht & wooD Group, mother company of FASHION HOUSE Group.
FASHION HOUSE Outlet Centre St Petersburg is the company’s 6th project globally, located 20 km south of the St Petersburg city centre, 15 minutes’ drive from Pulkovo Airport. The outlet’s impressive catchment area is over 5 million inhabitants within a 90-minute drive time. After completion of all phases, it will bring a total of 20,330 sqm GLA and be home to 120 units, including a wide selection of premium brands. The development of FASHION HOUSE Outlet Centre St Petersburg is being assisted by JSC “Credor” – a local project co-ordination office. JLL is an exclusive consultant for the scheme’s leasing.
EXTENSTION PLANS FOR ROMANIA
FASHION HOUSE Group has advanced extension plans of FASHION HOUSE Outlet Centre Bucharest. The leasing process in the scheme had a consistent evolution in 2016 – at an average pace of over 1 new store opening per month, 13 new brands joining.
The company is also going to develop an entirely new outlet centre east of Bucharest.
FASHION HOUSE Outlet Centres in Central and Eastern Europe and Russia generate excellent business results. Our schemes notice significant growths, for example on sales, sales density or average transaction value, year-on-year. That is why they are undoubtedly valuable retail property assets and bring substantial ROI. This is an ascending trend and we do believe to continue this market success in the following years – sums up Brendon O’Reilly, Managing Director of FASHION HOUSE Group.