Mercialys: visitor traffic up 5.4% over nine months, 2026 targets confirmed
In a press release published on October 15, 2026 after market close, Mercialys presented its Shop-Park format as a response to household purchasing power constraints. The real estate company reported accelerating activity indicators over the first nine months of the fiscal year and a financial occupancy rate of 98.2%.
Visitor traffic and tenant sales accelerating over nine months
The company states that the Shop-Park model "captures recent changes in consumer behavior patterns". It is based on sites located in the regional zones it considers most dynamic and on an "Everyday-low-price" offering now proposed by more than 75% of the portfolio's tenants. Food retailers such as Leclerc, Intermarché and Lidl play a leading role. Over the first nine months of 2026, visitor traffic increased by 5.4% on a comparable basis, or 420 basis points above the national Quantaflow panel, compared to 4.5% at end of June. Tenant sales, excluding tenants in liquidation or receivership, rose by 3.0%, compared to 2.3% at end of June and 0.2% for the national trend. Billed rents reached 137.5 million euros, up 2.5% on a current perimeter basis, with organic growth of 2.3%. This growth is based on reversion (2.1% on leases signed on a rolling twelve-month basis) and asset management, with indexation having been zero over the period. The tenant payment-to-sales ratio stood at 11.1% at end of June and the rent collection rate for 2026 at 97.3% at end of September. Mercialys reiterates its strategy of diversifying tenant risk: no consumption segment must exceed 15% of rents and no single tenant 3% of rental income. Vacant spaces following the liquidation of clothing retailers at end of 2025 have been re-let, according to the company.
Projects, lease expiries and debt: the levers for 2027
Ongoing projects represent a capex of approximately 100 million euros over 2026-2028, phased in accordance with the plan. The deliveries of Marseille Plan de Campagne (mid-2027, approximately 80% pre-leased), Grenoble (second quarter 2027, 90% pre-leased), Saint-André in Réunion (second half of 2027, over 90% pre-leased) and Dijon (fourth quarter 2028, nearly 50% pre-leased), combined with the restructuring of Brest and Niort, will represent more than 10 million euros in additional rents on a full-year basis. The company specifies that it can suspend or phase any or all of each project according to market conditions. Lease expiries in 2027 now represent only 15.6% of the rental base, following a decline of 370 basis points over two years. The commercial rent index (ILC) returned to positive territory in the second quarter of 2026, at 0.26%, and indexation should according to Mercialys constitute an additional growth lever in 2027 and 2028. On the financing side, no repayment is due before November 2027 (150 million euros) and undrawn credit lines approach 400 million euros. The company indicates that any sustained rise in rates will gradually weigh on its financing costs in the years ahead. It has also entered into negotiations for disposals of approximately 30 million euros. The 2026 targets are confirmed: recurring net earnings per share between 1.30 euros and 1.32 euros, up 3.2% to 4.8% compared to 2025, and a dividend of at least 1.02 euros per share. Annual results for 2026 will be published on February 11, 2027 after market close.
