The latest quarterly figures (Q1 covering April to July 2024) released by Network Rail Property have revealed an increase in total retail sales* of +10 percent and +5 percent for like-for-like (LfL) sales across its retail portfolio of 19 managed stations throughout Great Britain.

During the same quarter, the British Retail Consortium (BRC) tracked a -1.1 percent decline in total sales and -1.4 percent in LfL sales. The growth across the Network Rail portfolio highlights the strength and resilience of retail performance at Network Rail’s destination stations.

Across all 19 stations, total retail sales in Q1 reached £225.9m, delivering an increase of over £25m compared to the previous quarter. Network Rail’s annual retail sales for 2023/2024 surpassed £842m and were +2 percent ahead of 2019/20.

Strong sales performances were supported by the opening of 14 new stores and F&B outlets across Network Rail stations in Q1. Key new openings included Popeyes in their first foray into travel retail, the successful relocation of pre-loved fashion pop-up Good London at London Bridge and two Duck World pop-up spaces at London Victoria and London Liverpool Street.

Across all Network Rail destination stations, London Waterloo was the best performing station for the quarter with total sales up 39 percent compared to the previous year. Followed closely by Clapham Junction at +32 percent YOY. All five Network Rail regions experienced growth in total sales, with the largest rise coming from North West & Central (+14 percent)

Over the past 12 months London Waterloo has introduced a host of new and upgraded retail units including M&S, Brewdog and Monsoon Boutique. The M&S at Waterloo is the brands largest station retail store in Britain and has been instrumental in Waterloo’s strong total sales growth during the period.    

On a LFL basis, Liverpool Lime Street was the best performing station for the second quarter in a row with 23 percent growth. Network Rail tracks sales performance across retail, F&B and grocery categories, with Q1 seeing the strongest LFL growth in the grocery category (+8 percent).

Network Rail Property continue to diversify and improve the retail experience for customers. Continued sales growth underlines the success of Network Rail’s retail strategy and ensuring stations are retail and leisure destinations within their own right. 30 new brands have been introduced to the portfolio over the last year, delivering a curated offer across its locations. Income generated through retail is central to wider reinvestment from Network Rail into the transformation of the railway. 

Hamish Kiernan, Commercial Director, Property at Network Rail, comments: “Retail at Network Rail’s managed stations continues to go from strength to strength. Our latest sales figures indicate how travel retail remains a marketplace of resilience for the sector and brands. Throughout Great Britian we have seen positive performance across our retail portfolio, which we continue to support through new openings and investment from brands.” 

*Retail sales covers retail, F&B and grocery brand sales.

 

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September 2024 issue

2024 A1 Buyers Guide