F&B growth drives record revenues for Gloucester Quays
Peel L&P has announced that Gloucester Quays, the premier South West outlet and dining destination, enjoyed a record breaking sales period in 2022, surpassing both 2021 and 2019 by 6% and 9% respectively.
These figures, which cover the interim results from 28 March 2022 to 31 December 2022, show considerable growth for the destination across all sectors. Comparing against the same period in 2019, retail sales were up 8% and F&B has grown by 10.5%, both categories supplemented by strong leasing in 2022, which included an upsize for fashion giant Levi’s and popular Mediterranean eatery The Real Greek.
Christmas 2022 results were also incredibly positive at Gloucester Quays: despite a clear consumer shift to start festive shopping early, with footfall considerably up in November, sales in December were up 14% versus the same month in 2019, and 18% on 2021.
Gloucester Quays was able to maximise performance for its tenants in the build up to Christmas. The much-loved Christmas Market returned in 2022, changing to weekends-only in response to customer demand. This saw footfall rise by 8% and sales up 13% across the seven Saturdays and Sundays before Christmas, alongside the impressive Open-Air Ice Rink which sold out each day.
Paul Carter, Asset Director at Peel L&P, commented: “The performance at Gloucester Quays throughout 2022 is something we are incredibly proud of, in particular how it culminated with the trading and community work before Christmas. The emphasis in the past year has been to evolve Gloucester Quays in a joined-up way, creating a comprehensive offer that not only delivers an all-day experience, but also gives our customers good reason for return visits. These results suggest we are moving in the right direction, and we are now looking to 2023 as an exciting opportunity to continue that evolution for the benefit of the Gloucester Quays community.”