Frasers Group, owned by Mike Ashley, has revealed its acquisition of over one million square feet of retail space across three shopping centres, marking a significant new investment in physical retail. The shopping centres, located in Exeter, Maidstone and Gloucester, boast a combined annual footfall of nearly 17 million visitors and encompass 1.015 million square feet, as reported by .
The largest deal involved the purchase of the 600,000-sq-ft Princesshay Shopping Centre from US-based asset manager Nuveen and the Crown Estate, following its listing for sale earlier this year. Michael Murray, Chief Executive of Frasers, stated that the deal "reinforces [the company's] commitment to investing in physical retail..
. Such acquisitions unlock new growth opportunities for our retail concepts, while revitalising high streets and physical shopping locations up and down the country". Murray further emphasised that investment in brick-and-mortar was a "top priority" for Frasers.
Despite retail footfall remaining persistently below pre-pandemic levels, total footfall saw a month-on-month increase in September, growing by 0.9 per cent. This marked the first improvement since July 2023.
In another positive development for Frasers, shopping centres experienced a 2.3 per cent increase in footfall, a significant turnaround from a 1.8 per cent decrease the previous month.
Frasers Group is among the numerous retailers banking on a resurgence of high street shopping. Outdoor retailer Mountain .