In just 12 months, we have transformed the group’s financial structure, secured the advancement of our project pipeline, delivered the first rendition of our new Shopping Promenade concept in Amiens and launched works for the next two in Strasbourg and Claye-Souilly.
This momentum is reflected in our operational KPIs, which are considerably outperforming the best market benchmarks, and in our financial indicators, which again show double-digit growth this year. Now more than ever, changes in consumer behaviour are endorsing our strategy. The continued rise in e-commerce is forcing towns and cities to review their shopping infrastructure and turn them into real hubs of city life, pushing retailers to look for more affordable rents and charges and consumers to seek out places where shopping is a more all-round experience.
URBAN, ECONOMICAL AND EXPERIENTIAL: THE THREE FUNDAMENTALS FOR OUR NEW SHOPPING PROMENADE CONCEPT
With the opening of our first venue in Amiens, we have already achieved results that exceed our most ambitious targets, enabling us to convince a growing number of retailers to join us for future projects. Spectacular results, a sound financial structure, a pipeline of projects for the next five years, and a clear strategy mean we are able to look ahead with confidence. And yet, here at FREY, we have already set our sights further.
Firstly internationally, where FREY wants to roll out its Shopping Promenade planner, developer, investor and manager model, whether based on greenfield developments or by acquiring assets to be restructured. But also by leveraging our singular expertise as an urban designer, as seen in the Group’s flagship project in Montpellier: “Ode à la Mer”. This project, more than any other, shows just how important retailing is to the heart of any vibrant district. With our ability to develop and promote new-generation retail destinations, we play a key role in the mixed-use urban projects led by some of the big French cities.
Our retail experience makes us the ideal “urban maker” and we intend to do our utmost to capture the potential growth that lies in these mixed use projects. FREY is now a force to be reckoned with!
Antoine Frey – Chairman and Chief Executive Officer