Like-for-like sales at Network Rail retail outlets rise 1.2%
Network Rail has reported 1.21% growth in like-for-like sales at retail outlets at its largest stations from April to June 2012 compared to the same period last year.
The figures were compiled from the results of retailers operating from over 580,000 sq ft of retail space or 520 units/shops at 17 of the UK’s biggest and busiest stations owned and operated by Network Rail. The combined annual footfall at the stations was over a billion.
The top performing stations included Manchester Piccadilly, London Victoria and London Fenchurch Street where like-for-like sales were up 11.2%, 8.02% and 7.02% respectively on the same period last year. Engineering works in preparation for the Olympics and part station closures impacted on trading at Liverpool Street, Network Rail’s busiest station in London, as well as at Waterloo and Paddington.
Food and beverage offers performed best in the stations. Top performing categories were specialist food retail (+17.7%), specialist food catering (+13.7%), restaurants (+8.48%) and bars (+8.42%).
Never Miss a Retail Update!The current figures show that growth has slowed slightly since the 4.15% increase reported last period covering January to March 2012. This was Network Rail’s best quarterly growth in retail sales for the financial year of 2011/12. In the same period high street sales, as reported by the BRC, reported a growth of just 0.23%.
David Biggs, director of property at Network Rail, said: “While growth on the high street remains flat, retail in stations continues to grow. The wettest weather on record in 100 years, the extended Jubilee bank holiday weekend and an increase in major weekend engineering work in preparation for the Olympics all contributed towards some tougher periods for retail in stations. However, the fact we are still able to post an increase in revenue shows our stations still provide some of the most lucrative trading environments available to retailers today. “
The completion of 22,000 sq ft of new retail space across 22 new units in the new concourse at King’s Cross in March this year attracted a number of new brands to the station including American Apparel and Patisserie Valerie.
After its first quarter of trading, the new space at King’s Cross has reported total sales of over £8 million, representing an average weekly increase of 23%. Network Rail is predicting sales of over £34 million by the end of 12 month trading period, an increase of £15.6 million from 2010/11.
Retailers operating across all of Network Rail’s managed stations last year generated a total £592 million in sales. All profits from Network Rail’s retail activity are re-invested in the railways.
