We can add to the fast-growing number of property firms announcing record performances for their tenants. So step forward Network Rail, which has released its July-September retail figures across its portfolio of 19 managed UK stations.

Total retail sales for the quarter jumped 10%, and by 6.3% like-for-like, hitting £233.7 million, representing an increase of £21 million compared to the previous year.

The “encouraging” sales performance has been supported by 10 new openings and store upgrades across Network Rail stations in Q2 alone.

Additionally, retail sales overtook the previous quarter, jumping by over £8 million. Network Rail’s annual retail sales for 2023/24 surpassed £842 million.

For the second quarter in a row, London Waterloo was the best performing station in terms of total sales growth, leaping 47%, This was followed by Birmingham New Street, up 24% year-on-year, London’s connection hub Clapham Junction (+23%),Liverpool Lime Street (+20%) and London Charing Cross (+17%).

During the year, 56 retail units also opened across the 19 stations – which more than one a week, on average. Nine new brands have joined the Network Rail line up, including fashion brand All Saints, and 16 pop-ups, that gave brands ‘the opportunity to try our destinations”.  

So set against the wider retail market (quoting the British Retail Consortium’s 1% increase of LFL sales for the same quarter), the “sustained quarterly sales growth across Network Rail’s destination stations underlines the resilience of their retail performance”, it said.

Hamish Kiernan, Commercial director, Property at Network Rail, said: “Sustained sales growth and new openings… is highly encouraging, as retailers are now in the Golden Quarter. We know how important Christmas is to our retailers and our customers will be making the most of our retail and F&B line-up over the festive period. Consistent performance over the last quarter underlines the success of our retail strategy and vision to enhance our destination stations.”