Network Rail has announced that retail sales reached over £800 million in the past 12 months across its retail portfolio of 19 managed stations in Great Britain.
Over 600,000 sq ft of prime retail space is managed by Network Rail within major city centre locations, with footfall climbing above 700 million visits per year. In the past 12 months 53 new units have opened, attracting 15 new brands to the portfolio alongside 18 pop-ups to test the retail travel market.
London Liverpool Street, which turned 150 this year, is Network Rail’s busiest station by passenger numbers and also its highest grossing station – accounting for over £92m in total annual sales over the last year. 30 retailers make up 73,000 sq ft of retail space at London Liverpool Street, with brands including Oliver Bonas, Leon and Coco di Mama.
Throughout the last year, Network Rail has taken proactive steps to continue changing the retail mix. Network Rail’s retail strategy has focused on developing the offering across its destination stations by introducing new brands and experiences for customers including the Arches, a new cultural venue at London Bridge, which has brought Elvis to the capital.
At London Waterloo, the opening of The Victory pub has helped boost sales per sq ft to £2,507 (annual average). Offering an all-encompassing selection featuring breakfast, Sunday roasts and craft beer, The Victory demonstrates how hospitality brands are increasingly investing in major transport hubs to capitalise on rebounding footfall.
Diversifying the retail offering in stations underlines Network Rail’s commitment to providing excellent customer experience. Sustained sales growth highlights that investment is boosting the position of stations as places to eat, shop and travel. Income generated from retail and F&B is key to Network Rail’s wider ambitions to reinvest into the transformation of the railway.
Hamish Kiernan, Commercial Director, Property at Network Rail, said: “Our figures for the last year are highly encouraging and reflect how providing customers with an attractive mix of retail and F&B is a priority for Network Rail. We’ve welcomed new major brands, exciting new pop-up stores and refurbishments which signifies brands’ appetite for continued investment across our portfolio. As we pivot towards a more curated offering, Network Rail stations are developing into retail and leisure destinations in their own right.”
