The EOIR, produced by respected sector analyst Ken Gunn, indicates that sales across Europe’s present 210 outlet centres now total 23 billion euros — around 23% higher than in 2019. Gunn is also projecting that outlet centre sales will grow to 30 billion euros by the close of 2028. Furthermore, the sectors floorspace, which has gown by 41% since 2014, will grow by another 8% via both extensions and new outlets which are known for their brand-lead discount store formats and offers.
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, with Gunn having closely examined outlet centres and retail operations in 35 countries.
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 centres and occupiers.
“The outlet centre 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 centres 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 centres are: Seville Fashion Outlet (Seville, Spain), Fashion House Pallady (Bucharest, Romania), Designer Outlet Algarve (Faro, Portugal), Oslo Fashion Outlet (Oslo, Norway) and Brugnato 5Terre OV (Brugnato, Italy).
The report also reveals that 588 additional brands have appeared on the outlet scene since July 2023, as Gunn 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 Centres are Levi’s, Guess, Adidas, Puma and Tommy Hilfiger.
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.
Looking ahead Gunn says that outlet centre floorspace in Europe will increase by 8% to 4.4 million sqm by 2027. Beyond this, there remains considerable scope for geographical and positional expansion, where the format is underrepresented. The report highlights that the most interesting opportunities are not always in the most obvious countries, particularly where positioning opportunities are concerned.
“It is possible that European outlet floorspace could grow by 25% to five million sqm. However this will require innovation and more stable geopolitical conditions,” Gunn adds.
For now, expansion is focused at Tier 2 and Tier 3 sites, where fleet of foot operators such as Via Outlets, Neinver, Promos and Retail Outlet Shopping are delivering substantial value for their investors through innovations which drive performance and achieve upward tier mobility. Since 2019, these operators have increased their market share of European outlet brand sales by 2.1%.
Gunn continues to see potential for some sector ownership consolidation: “There are still just 34 operators in Europe who manage more than one outlet centre,” 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 centres and smaller portfolios into larger, strategically managed and valueadded 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.”
