Trafford Centre valuation climbs above £1bn on stronger footfall 2026

Key Points

The valuation of uk/local/trafford/">Trafford Centre increased by £56.8 million to £1.057 billion in the year ending 31 December 2025 from £985.9 million in the preceding year.

Footfall increased by 8% to 23.5 million customers in 2025 from 22.8 million in 2024.

Net rental income increased by £4m in 2025 as a result of an improvement in the leasing and brand offering at the 2.2 million sq ft centre.

Stores such as the world’s largest JD Sports, Whittard, Joe & the Juice, Popmart, Pureseoul, Apple, Mamas and Papas, Moss Bros and Swarovski boosted performance.

Other stores that are scheduled to open in 2026 include or will include Uniqlo, Footasylum, The White Company and Lululemon.

According to Trafford Centre Limited, current liabilities stood at £237 million while parent-company financing was used by the centre which has £430m of mezzanine debt arranged until December 2027.

The management stated that “the operating environment will continue to be uncertain due to geopolitical events” referring to the war in Ukraine, conflicts in the Middle East and effects of American policies.

Trafford (Manchester Mirror) August 21, 2026 – It has pushed its valuation above the £1bn mark after a year in which visitor numbers and rental income both rose, even as global geopolitical risks weighed on the wider retail property market. According to results filed by Trafford Centre Limited for the year to 31 December 2025, the asset’s value increased by £56.8m to £1.057bn, from £985.9m a year earlier, as the 2.2 million sq ft shopping and leisure destination recorded higher footfall and stronger net rental income.

What drove the Trafford Centre’s valuation above £1bn in 2025?

The uplift in valuation reflects improved operational performance at the centre, which is owned by Trafford Centre Limited, part of the Canada Pension Plan Investment Board (CPPIB) following its 2020 acquisition from Intu Trafford Centre Group. As reported by Dan Whelan of Placenorthwest, footfall at the complex rose 8% to 23.5 million visits in 2025, up from 22.8 million in 2024, while net rental income increased by £4m over the same period.

The results highlight how active asset management and a refreshed tenant line-up have helped the centre defy broader headwinds. Whelan notes that openings including the world’s largest JD Sports, together with Whittard, Joe & the Juice, Popmart and Pureseoul, contributed to the stronger income and visitor numbers seen last year. Existing brands also expanded their presence, with increases in the size of Apple, Mamas and Papas, Moss Bros and Swarovski stores adding to the centre’s appeal.

Looking ahead, the pipeline of new arrivals includes or will include Uniqlo, Footasylum, The White Company and Lululemon, signalling continued confidence in the Trafford Centre as a flagship retail destination in the north of England.

How did footfall and net rental income change at the Trafford Centre?

The 8% rise in footfall to 23.5 million visits underlines the centre’s ability to draw shoppers from across the North West and beyond, even as consumers faced cost-of-living pressures and macroeconomic uncertainty. The increase in net rental income by £4m during 2025 points to healthier leasing conditions, with stronger occupancy and rental levels feeding through to the bottom line.

These metrics are particularly significant given the backdrop described in the accounts. Management warned that the business environment will “remain uncertain given ongoing geopolitical events”, explicitly referencing the war in Ukraine, conflict in the Middle East and what it terms the “global macro-economic implications of the policies of the government of the United States”. Against that context, the combination of higher visitor numbers and rising rental income suggests the Trafford Centre has maintained its pull as a leisure and retail hub.

The 2.2 million sq ft complex has long been one of the UK’s largest shopping centres, and the latest figures indicate it is continuing to perform ahead of many peers in a sector that has seen mixed results since the pandemic.

Which new stores and expansions supported the Trafford Centre’s performance?

A key driver of the improved performance has been the evolution of the tenant mix. As set out by Whelan at Placenorthwest, the arrival of high-profile brands and concepts helped lift both footfall and income in 2025. The opening of the world’s largest JD Sports store at the centre was a notable addition, reinforcing its position as a destination for fashion and sportswear shoppers.

Other new entrants included Whittard, Joe & the Juice, Popmart and Pureseoul, broadening the offer across food, beverage and lifestyle categories. At the same time, established retailers chose to invest in larger formats, with Apple, Mamas and Papas, Moss Bros and Swarovski all increasing their store sizes during the year.

The forward pipeline suggests this momentum is expected to continue. The accounts highlight that 2026 has seen, or will see, further openings from Uniqlo, Footasylum, The White Company and Lululemon, adding international and premium brands to the centre’s roster. These additions are likely to be factored into future valuations as they contribute to rental income and help sustain visitor numbers.

What do the Trafford Centre’s accounts reveal about liabilities and financing?

Alongside the positive operational headlines, the filed results also shed light on the financial structure supporting the asset. Trafford Centre Limited reported current liabilities of £237m and stated that it is reliant on financing from its parent company to continue trading, according to the Placenorthwest report.

To support its operations and capital structure, the company has secured mezzanine financing of £430m, which has been agreed up until December 2027. This arrangement provides a degree of certainty over funding in the near to medium term, even as the accounts caution that geopolitical and macroeconomic risks remain elevated.

The reliance on parent-company support and structured financing is not unusual for large shopping centre vehicles, particularly those acquired during a period of sector stress. However, it does underline the importance of sustained operational performance in maintaining lender and investor confidence.

How does the Trafford Centre’s performance fit into the UK shopping centre market?

The Trafford Centre’s results come amid signs of renewed activity in the UK shopping centre investment market. As reported by Estates Gazette, Savills noted in early August 2026 that the second half of the year is set to be strong, with deals for 17 centres worth a total of £1.1bn already under offer and a wider pipeline of around £1.4bn.

Mark Garmon-Jones, head of shopping centre and retail investment at Savills, told Estates Gazette that H1 was “respectable, but uneven”, with a strong first quarter followed by a quieter second quarter, but emphasised that the depth of the pipeline indicates solid demand for better-quality assets. High-profile transactions include the Metrocentre in Gateshead, understood to be under offer to Landsec for more than £500m, and Hammerson’s purchase of a 50% stake in Manchester Arndale for £218m.

Within this context, the Trafford Centre’s valuation crossing the £1bn threshold and its rising footfall and income position it among the more resilient large-scale assets in the market. The emphasis on flagship brands, leisure and experience-focused retail mirrors the strategy being pursued by other major owners seeking to stabilise and grow values in the sector.

Background to the Trafford Centre’s recent development

The Trafford Centre, located in Trafford, Greater Manchester, opened in 1998 and has since become one of the UK’s largest and most visited shopping and leisure destinations. It was originally developed by the Peel Group and later formed part of the Intu portfolio before financial difficulties led to a restructuring of the group.

In 2020, the Canada Pension Plan Investment Board acquired the asset through Trafford Centre Limited, taking it out of the Intu structure at a time when the retail property sector was under significant pressure from online competition and the pandemic. Since then, the owner has pursued a strategy focused on strengthening the tenant mix, investing in the physical environment and positioning the centre as a regional destination for retail, dining and leisure.

The latest results for the year to 31 December 2025 represent the first public indication that the valuation has moved decisively above the £1bn mark, following a period in which many large shopping centres saw values stagnate or decline. The combination of rising footfall, higher net rental income and a pipeline of new brand openings suggests the asset management plan is beginning to show through in the accounts, even as geopolitical and macroeconomic risks remain part of the outlook.

Prediction: how could this development affect investors, retailers and shoppers?

For investors and lenders, the Trafford Centre’s valuation moving above £1bn, alongside improved footfall and net rental income, may reinforce confidence in high-quality, well-located regional shopping centres as a distinct asset class within UK commercial property. The disclosed financing arrangements, including the £430m mezzanine facility to December 2027, provide a clearer picture of the capital structure, which could support future refinancing or potential investment transactions involving the asset or similar schemes.

For retailers, the continued arrival of major brands such as Uniqlo, Footasylum, The White Company and Lululemon signals that the Trafford Centre remains a priority location for both UK and international names. This could encourage further brands to consider the centre for flagship or expanded stores, particularly those seeking a strong North West presence with access to a large catchment area.

For shoppers and local communities, the ongoing investment in the tenant mix and the focus on leisure and experience-oriented retail are likely to sustain the centre’s role as a key destination for social and family outings. If the current trends in footfall and rental income continue, the Trafford Centre could further consolidate its position as one of the UK’s leading regional malls, with implications for employment, local supply chains and the wider retail ecosystem in Greater Manchester.