Excellent recovery for Frey's open-air shopping centres
The tenants in the FREY rental portfolio have recorded an average increase in sales of 16% on a like-for-like basis since the end of the lockdown period (from 11 May to 30 June 2020).
This outstanding performance can be explained by several factors:
– a diversified merchandising mix at Frey sites that meets the needs of the whole family (fashion, beauty, sports, leisure, DIY, gardening, restaurants, services, click & collect, for parents and children);
– increased appeal of the “open-air” format of the Frey malls, which consumers prefer after a long period of lockdown, compared to closed malls, with equivalent sanitary measures for welcoming customers.
Thus, the property investment company even recorded an average 1.4% increase in footfall compared to last year at all of its properties in operation in France, for the period from 11 May to 22 June.
Including the last week of June, footfall fell very slightly (-1.4%), the basis of comparison being distorted by a later start to the summer sales this year (15 July versus 23 June in 2019).