UK supermalls spend to reach £10.9bn by 2023 says GlobalData
As physical retail spend comes under increasing threat from the online channel, supermalls are set to outperform the total offline market over the next five years as their destination appeal will ensure that growth is resilient, according to data and analytics company GlobalData.
GlobalData’s report: ‘UK Supermalls 2018 – 2023’ reveals that supermalls retail spend will rise 7.0% out to 2023 as supermalls divert spend away from lacklustre and often neglected town centres. Supermalls are able to offer the best offline alternative to online shopping in terms of product and retailer range, which will bolster the growth of the location as consumers become accustomed to a vast choice.
GlobalData retail analyst Emily Salter said: “Clothing & footwear drives the bulk of spend at supermalls, accounting for 59.1% in 2018, and retailer investment will ensure this continues as a number of players open and refurbish stores in supermalls, such as Primark’s recent opening in Bluewater.”
