Eldon Square, Newcastle's premier shopping and leisure destination, reported a rise in revenue to £25.5 million for 2025, up from £23.6 million the previous year, according to newly published accounts. The centre welcomed 26.4 million shoppers during the year, ahead of its 50th anniversary celebrations in 2026.
The accounts for XPE Eldon Square Limited show that operating profit fell sharply from £10.3 million to £3.2 million, while pre-tax profit dropped from £9.6 million to £4.4 million. The overall profit for the year also stood at £4.4 million, down from £9.6 million in 2024. Directors attributed the decline to increased costs and additional loss provisions for tenant receivables, reflecting ongoing challenges in the retail sector.
New Openings and Occupancy Rates
Occupancy rates at the centre fell to 79.6% in 2025, compared to 83% in 2024. Despite this, net rental income was £5.2 million, down from £6.1 million, partly due to provisions for potential rent arrears. However, the centre saw several new openings, including lifestyle chain Oliver Bonas, jewellery store Jewells, and a massive 33,000 sq ft flagship store for Next, which also features Bath & Body Works. New bar Flight Club, chicken brand Wingstop, and Indian street food restaurant Chit 'n' Chaat also opened to strong demand.
Eldon Square bosses approved £2.9 million in future expenditure for construction, development, and enhancement of investment property. Hoardings have gone up for the imminent arrival of Asian supermarket chain Oseyo in the former Waitrose unit.
Directors' Commentary and Future Plans
In the accounts, directors said: “The company’s results for the year reflect the ongoing challenges facing retail and retail property, as well as economic and political uncertainty. Positively, the yield expansion experienced in previous years, driven by weak market sentiment and limited transactional evidence, has continued to remain stable during 2025.” They added that progress on lettings and asset management projects is driving revenue and that the company works closely with Newcastle City Council to deliver additional value.
Since the year end, a £65 million investment partnership resulted in the opening of Freight Island, a drinking, dining, and music destination on the top floor of the former Debenhams store. A spokeswoman for Eldon Square said: “Eldon Square delivered a strong footfall performance in 2025, welcoming 26.4 million visitors and reinforcing its role as one of Newcastle’s leading city-centre destinations. That momentum has continued into 2026, our landmark 50th year, with year-to-date footfall currently up 3.9% year-on-year.”
She highlighted that the opening of Freight Island in June 2026 marked a defining step forward, strengthening the leisure offer and creating another major reason for people to visit the city centre. New openings including Oseyo and Dave’s Hot Chicken are further enhancing the food and beverage offer.
50 Years of Evolution
Reflecting on the milestone, the spokeswoman added: “Over the past 50 years, Eldon Square has consistently evolved with the city. Today, that means investing in the centre, supporting our tenants with enhancements to the destination, and working with partners including Newcastle College, Northern Pride, and Experience North East England on community and education initiatives that deliver value beyond retail. Our focus now is on building on this momentum throughout 2026 and ensuring Eldon Square continues to play a central role in driving footfall into Newcastle.”
