Designer outlet developer McArthurGlen has plans to invest €1 billion ($1.13 billion) in its property portfolio over the next three years across Europe and Canada.
The investment is in response to the growing demand from shoppers and tourists for destination shopping experiences.
“As convenience purchases increasingly move online, consumer appetite for destination shopping has never been stronger. That includes tourists, and we are targeting a doubling of our tourism revenues over the next five years, supported by the continuing rise in independent travel,” said Julia Calabrese, McArthurGlen’s chief executive. “As well as expanding our portfolio, we are investing in our in-center experience and in technology to engage and delight our guests and meet growing demand for experiential retail from Generations Y and Z.”
The development pipeline includes the expansion of its U.K. sites in Cheshire Oaks and Ashford in Kent, and the opening of an 80-store sit
