Retail outlet centres have experienced a significant leap in retail and leisure brand growth in recent years, with overall sector expansion set to continue. According to the Ken Gunn European Outlet Industry Review (EOIR), which ranks Europe’s top-performing outlet centres and brands, sales across Europe’s 210 outlet centres now total €23 billion—a 23 percent increase since 2019. Gunn projects this figure will rise to €30 billion by 2028.
Additionally, outlet centre floorspace has expanded 41 percent since 2014 and is expected to grow another 8% through extensions and new outlet developments. These centres are known for their brand-led discount store formats and attractive offers.
Europe’s Leading Outlet Industry Report
Now in its 8th year, the EOIR is considered the most detailed analysis of retail brand activity and occupancy within the sector. Gunn has examined outlet centres and retail operations across 35 countries, making the EOIR 2025 the only report that reviews the locations of every outlet brand in Europe. By combining this data with site performance metrics, the report ranks 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, it will continue to be so,” says Ken Gunn.
“Even better news is that there are still underserved locations and ownership opportunities that can further enhance sector returns and growth.”
Top-Performing and Most-Improved Outlet Centres
According to EOIR 2025, the top five outlet centres in Europe are:
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Bicester Village (UK)
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Serravalle (Italy)
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Roermond (Netherlands)
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La Roca Village (Spain)
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Noventa di Piave (Italy)
The top five ‘most improved’ outlet centres are:
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Seville Fashion Outlet (Spain)
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Fashion House Pallady (Romania)
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Designer Outlet Algarve (Portugal)
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Oslo Fashion Outlet (Norway)
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Brugnato 5Terre OV (Italy)
Retailers Expanding in the Outlet Market
Since July 2023, 588 additional brands have entered the outlet market. Rituals leads the sector’s expansion, opening 14 new stores, followed by:
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Jack & Jones (12 stores)
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Under Armour (10 stores)
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Swarovski (10 stores)
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Skechers (9 stores)
The top five occupiers across all European outlet centres remain:
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Levi’s
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Guess
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Adidas
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Puma
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Tommy Hilfiger
Market Trends & Future Growth
Six countries account for 70 percent of all European outlet stores: France, Germany, Italy, Poland, Spain, and the UK.
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Italy leads with 2,879 outlet stores—more than any other country.
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The UK hosts the most brands, with 823 represented.
Looking ahead, outlet centre floorspace is expected to increase by 8 percent to 4.4 million sqm by 2027. Gunn suggests that, with innovation and geopolitical stability, European outlet floorspace could expand by 25 percent to 5 million sqm.
For now, growth is focused on Tier 2 and Tier 3 locations, where agile operators such as Via Outlets, Neinver, Promos, and Retail Outlet Shopping are driving innovation and performance. Since 2019, these companies have increased their market share of European outlet brand sales by 2.1 percent.
Sector Consolidation & Investment Opportunities
Gunn also highlights the potential for further ownership consolidation within the sector:
“There are still just 34 operators in Europe managing more than one outlet centre,” he says. “Single-site owners with limited negotiation power, operational expertise, and leasing resources may find this a limiting factor. Investors will consolidate smaller, individually-owned centres into larger, strategically managed portfolios.”
Recent major acquisitions in the outlet market include:
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Multi Corporation’s acquisition of Realm
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Groupe Frey’s acquisition of Retail Outlet Shopping
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Promos’ expansion of its Italian mandates
With ongoing investment, expansion opportunities, and brand growth, the European outlet centre sector is poised for continued success.
