Opening of The Victory pub in London Waterloo gives UK’s rail state rail operator a boost
Network Rail’s annual retail sales have surpassed £800mn across its portfolio of 19 stations, the company has announced. The opening of The Victory pub at London Waterloo has helped boost sales per sq ft to an annual average of £2,507.
“The Victory demonstrates how hospitality brands are increasingly investing in major transport hubs to capitalise on rebounding footfall,” the company said.
Network Rail operate over 600,000 sq ft of retail space in major cities, with footfall reaching over 700m visits per year.
“Our figures for the last year are highly encouraging and reflect how providing customers with an attractive mix of retail and F&B is a priority for Network Rail, Hamish Kiernan, Commercial Director, Property at Network Rail, said.
“We’ve welcomed new major brands, exciting new pop-up stores and refurbishments which signifies brands’ appetite for continued investment across our portfolio…. as we pivot towards a more curated offering, Network Rail stations are developing into retail and leisure destinations in their own right,” Kiernan continued.
Network Rail has opened 53 new retail units across its portfolio of stations in the last year, including the Arches, a “cultural venue” at London Bridge.
London Liverpool Street, which was crowned the UK’s busiest station in December 2023, is Network Rail’s biggest source of retail cash. Its 30 retail units accounted for over £92m in total sales in 2023.
It has also been boosted by the opening of new retail space in London Waterloo.
The news is a positive turn for a company which has suffered significant losses and stumbling blocks in the last few years.
Network rail suffered a total loss of £1.1bn last year after a “bruising” year of strikes, and was called upon by London Major Sadiq Khan to improve its performance after a shaky start to the Elizabeth Line.
“Income generated from retail and F&B is key to Network Rail’s wider ambitions to reinvest into the transformation of the railway,” the company said.