FASHION HOUSE Outlet Centre Moscow – summary of 2018 and Q1 2019
Outlet centre, owned by the Fashion House Group has been consistently recording improving business results. The retail sales, footfall and conversion rate recorded growth. Exciting new brands continue to be attracted to FASHION HOUSE Outlet Centre Moscow.
Retail sales in 2018 increased by over 13% compared to the previous year; the beginning of 2019 saw very good results of the only roofed outlet centre in Moscow, while retail sales in Q1 2019 increased by 20% year-on-year. Also the average spend per head increased by 7% y/y.
FASHION HOUSE Outlet Centre Moscow is gaining an increasing popularity among the visitors, the footfall rate grew by 6% compared to the previous year.
“These overall results indicate that visitors were buying more often and spending more. The expectation is that the increase of VAT to 20% on 1 January 2019 has made the outlet sector a more appealing retail offer for consumers in Moscow area” said Brendon O’Reilly, Managing Director of FASHION HOUSE Group.
The excellent performance is a direct result of the continuous improvement of the premium retail offer addressed to the centre’s customers. Last year, the tenant-mix of FASHION HOUSE Outlet Centre Moscow was expanded by 20 new retailers, including brands as: Trendzone (multibrand store), Triumph, Coccodrillo, LUSIO, Glenfield and Milavitsa.
The beginning of 2019 was a very good time for FASHION HOUSE project; new lease contracts were signed with 4 tenants, interested in enriching the retail offer of the centre.
“We find the continuous growth of retail sales, footfall and conversion rate very satisfying as it helps attract new tenants in 2018. We observe a considerable demand for top quality outlet schemes like the ones offered by the centres in our portfolio. This is why we decided to develop more projects in the Russian and Romanian market, where our company is already present. We will exceed the expectations of customers and retailers looking for a top quality outlet product. Our next step is FASHION HOUSE Outlet Centre St Petersburg, it will gather 120 stores and restaurants under a closed roof. Location, comfortable parking, the highest quality, wide offer, and high service standards will attract both residents of the region and tourists.” said Brendon O’Reilly.