Frasers Group buy key Belfast retail park as part of wider elevation strategy
Mike Ashley’s Frasers Group is continuing its retail park strategy and has today announced the acquisition of Belfast’s Boucher Shopping Park.
The sale of the location was agreed between Frasers Group and Sam Morrison, on behalf of Corbo Properties. The companies didn't disclose the purchase price.
It comes as Frasers remains one of the most active UK retail groups as far as opening and acquiring physical spaces is concerned. The company is heavily committed to physical shopping, despite the shift online that has accelerated as a result of the pandemic, and its retail park purchases form a big part of its “wider elevation strategy”.
A relatively large number of retail parks have come onto the market as some property giants and smaller landlords have shifted their own business strategies.
Frasers has been quite selective about its retail park investments.
James France, Head of Property at Frasers Group said: “Boucher Road is widely regarded as the key strategic out-of-town retail destination in Northern Ireland. Boucher Shopping Park sits at the heart of this, offering an unrivalled retail line-up to its customers. Over the past two years, the group has been investing heavily into the Irish market, with a business-wide commitment of over 500,000 sq ft of retail space across all fascias. This acquisition not only bolsters our commitment to the Irish market but allows us to further invest and modernise this asset into an aspirational shopping destination.”
It's not that many years ago that retail parks were largely the preserve of giant DIY stores and supermarkets. But in recent years they’ve become more popular for high street fashion and beauty businesses as well as — perhaps surprisingly — a number of more upscale operators.
Boucher currently hosts Frasers’ Sports Direct chain, as well as a number of fashion retailers, and it won’t be surprising to see more Frasers-owned stores opening there.
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