Frasers Group snaps up Lancaster’s St Nicholas Arcade

British fashion giant Frasers Group is continuing to expand its portfolio of retail setups with the acquisition of Lancaster-based shopping centre, St Nicholas Arcade. The deal involves the entire 160,000 square foot retail park, where annual footfall reportedly amounts to four million visitors.

Frasers said that the acquisition reinforced its focus on “expanding the group’s real estate portfolio in the UK” and strengthened its commitment to the region’s physical retail landscape.

In a release, Michael Murray, CEO of Frasers, said: “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.

“By acquiring key retail sites, we are able to unlock new growth opportunities and revitalise high streets across the country, delivering unparalleled shopping experiences for consumers. This acquisition is also another step in developing our Property segment, which is set to deliver significant long-term value for the group.”

The company has been expanding its real estate portfolio through both the acquisition of small independent retailers, most recently Thackerays, and by snapping up full-scale shopping centres, including Doncaster’s Frenchgate Shopping Centre.

While not confirmed for the Lancaster location, Murray has previously said such moves provided opportunities for the company’s own brands, such as Sports Direct and Flannels, to expand their physical presence.