Frasers Group’s latest acquisition signifies its commitment to physical retail.
- The group has acquired the 160,000 sq ft St Nicholas Arcade in Lancaster.
- This site attracts nearly four million visitors annually, housing major tenants like Next and Boots.
- CEO Michael Murray emphasises the group’s strategy to enhance high streets through key property investments.
- The acquisition aligns with Frasers’ long-term growth and value creation goals.
Frasers Group has made a significant addition to its property portfolio by acquiring the St Nicholas Arcade, a well-known shopping centre situated in Lancaster’s historic town centre. This strategic move underscores Frasers’ dedication to expanding its physical retail presence across the UK.
The St Nicholas Arcade, encompassing a substantial 160,000 square feet, is a bustling retail hub that draws almost four million visitors every year. Home to prominent retailers such as Next, Boots, HMV, and The Entertainer, the arcade stands as a key location in Lancaster’s retail landscape.
According to Frasers Group’s chief executive, Michael Murray, this acquisition is a testament to the company’s belief in the enduring value of brick-and-mortar retailing. Murray stated, “At Frasers, we have always been strong believers in physical retail, and this acquisition demonstrates our ongoing commitment to supporting brick-and-mortar in the UK.”
Murray further elaborated on the company’s strategic vision, highlighting that acquiring key retail sites allows Frasers Group to unlock new growth opportunities and revitalise high streets nationwide. Through these efforts, the group aims to deliver unparalleled shopping experiences for consumers.
The purchase of St Nicholas Arcade is a critical step in enhancing Frasers’ property segment, with expectations to generate significant long-term value for the group. Such acquisitions are integral to Frasers’ broader strategy to bolster its commercial assets while strengthening the vibrancy and appeal of high street shopping across the country.
The acquisition of St Nicholas Arcade marks another pivotal step in Frasers Group’s continued investment in high street retail properties.
