The EOIR produced by respected sector analyst Ken Gunn, indicates that sales across Europe’s present 210 outlet centers now totals €23 billion — around 23% higher than in 2019. Gunn is also projecting that outlet center sales will grow to €30bn by the close of 2028. Furthermore, the sectors floorspace, which has gown by 40% since 2014, will grow by another 7% via both extensions and new outlets.
Gunn’s 2025 EOIR is the only outlet sector report that reviews the locations of every outlet brand in Europe, combining these with site performance factors to create vitality rankings for both outlet centers and occupiers.
“The outlet center remains a gleaming jewel in the crown of the retail property sector and, given the projected growth over the next few years, it will continue to be so,” Gunn says. “Even better news is that there remain both underserved locations and ownership/ operation opportunities that can further enhance sector returns and growth.”
The new report ranks top five outlet centers as: Bicester Village (UK), Serravalle, (Italy), Roermond (the Netherlands), La Roca Village (Spain) and Noventa di Piave (Italy). The EOIR top five ‘most improved’ outlet centers are: Seville Fashion Outlet (Seville, Spain), Fashion House Pallady (Bucharest, Romania), Designer Outlet Algarve (Faro, Portugal), Oslo Fashion Outlet (Oslo, Norway) and The Mall Sanremo (Sanremo, Italy).
Gunn says that 588 additional brands have appeared on the outlet scene since July 2023 and he points out that retailers are growing sector presence. The EOIR 2025 ranks Rituals expansion with 14 more stores at the top of a retail tree that includes: Jack & Jones (12), Under Armor (10), Swarovski (10) and Sketchers (9) across Europe. The top five occupiers in all European Outlet Centers are Levi’s, Guess, Adidas, Tommy Hilfiger and Puma.
The EOIR indicates that just six countries account for 70% of all European outlet stores: France, Germany, Italy, Poland, Spain and the United Kingdom! Of these Italy has more outlet stores than any other country (2,879) while the UK has the most brands represented — 823. The report, now in its 8th year, is seen as the best and most detailed finger-on-the-pulse of retail brand activity and occupancy within the sector. Gunn has closely examined outlet centers and retail operations in 35 countries.
Gunn continues to see potential for some sector ownership consolidation: “There are still just 34 operators in Europe who manage more than one outlet center,” he says. “Single outlet site owners and operators who have limited power for negotiation, outlet operating skills sets and leasing resources may find that a limiting factor. Investors will consolidate individually-owned centers and smaller portfolios into larger, strategically managed and value-added portfolios in the next few years. We have seen the acquisition of Realm by Multi Corporation and Retail Outlet Shopping by Groupe Frey this year, while Promos has added new mandates in Italy.”
And as for future developments Gunn spotlights parts of Northern Europe and Germany among those having outlet location investment potential. However, 60% of the potential for new floorspace is in Central Europe, with the majority in Russia and Ukraine and off limits. For now developers will need to satisfy themselves with mixed use and hybrid sites in smaller markets or concepts which complement existing provision.
The EOIR report, which includes detailed breakdowns and rankings of outlets by brand mass and quality, is now available via: www.kengunn.co.uk
