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02 November 2017

Business Context

Rosada is a medium-sized (24,700 m2) Outlet Centre (OC) anchored by Nike, River Woods and Puma.  A poor tenant line up and high vacancy levels (c.20%) led to poor footfall (<1m p.a.) and disappointing sales densities (c.€1,650/m2) after opening in 2006.

Resolution Property required consultancy support to confirm the market opportunity, identify growth strategies and give confidence that the performance and asset value could be substantially improved.

The Challenge

  • Quantify the population and retail expenditure within the catchment
  • Prioritise strategies to expand the catchment, grow turnover and increase rent
  • Estimate how a proposed second phase and pipeline developments at competing centres will impact future sales growth
Rosada&#32;Fashion&#32;Outlet

What we did

  • Undertook a field based review of competing outlet centres
  • Used the operator’s existing customer data to define the current catchment
  • Estimated the extent and scale of the future catchment using a gravity model
  • Reviewed trading performance by merchandise, price point and life stage to identify underperforming tenants and facilitate repositioning of the offer
  • Identified an ideal tenant mix and recommended target occupiers 
  • Reviewed capacity for additional floor space and projected the impact of future extensions in terms of market shares, turnover, footfall and sales densities

Result

The scheme is under construction and due to open in 2018

On the basis of FSP recommendations, additional land has been acquired to facilitate further phases of development.

70 percent of the first phase is pre-let to brands including Armani, Hugo Boss, Le Creuset, Nike, Restamax, Stayer and Sunsolo