Frasers Group completes Luton's The Mall buy, is confident for physical retail
Frasers Group’s well-documented commitment to physical retail has taken a big step forward with the company buying a shopping centre – The Mall in Luton -- for £58 million.
It’s also understood to be in advanced talks to buy the Overgate shopping centre in Dundee and said: “We continue to have confidence in the future of the UK High Street and remain committed to investing in sites which display huge potential.”
The 900,000 sq ft Luton mall was put up for sale by property giant Capital & Regional (C&R) last year. Featuring more than 150 retailers, including H&M, Primark, TK Maxx, and its own Sports Direct store, Frasers described it as a “key destination” and a “prime retail location in the town centre”.
It can be assumed the Mall will also become home to a number of other key Frasers brands, which includes the fast-expanding Flannels premium fashion chain, among others. Frasers Group said the Mall “provides attractive opportunities… to introduce new elevated store concepts and invest in the scheme”.
It added it was looking forward to working with Luton Council to “stabilise and elevate the scheme”, while also “engaging with tenants in the centre to ensure a smooth transition.”
An added bonus could be the possible promotion of Luton Town football club to the English Premiership, with the club, which is also building a new central stadium there, currently sitting fourth in the Championship and likely to see heavier stadium footfall that could benefit retail in Luton.
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