In 2016 the Spanish economy consolidated thanks in part to a growth in tourism and an increase in consumer spending. This tendency has translated well into the retail sector, as confirmed by the report “Marketbeat Retail España”, from Cushman & Wakefield. The positive dynamic in the sector has led to the opening of numerous shops in the main streets of the country, and also in shopping centres and commercial parks.
“2016 has been a very positive year for the retail sector in Spain. Many shops and restaurants have opened, and shopping centres have expanded their floor areas all over Spain”, explained Oriol Barrachina, Head of Cushman & Wakefield Spain, during the presentation of the report this morning.
The stock of commercial complexes, which includes commercial centres and parks, entertainment centres, outlet centres and galleries totalled 16.8 million m² in 2016, in 672 distinct locations throughout Spanish territory.
The most common format in Spain comprises shopping centres, which cover over 11 million m². The commercial density in Spain reflects an important potential for growth compared to other developed economies, says the report. Another growth potential derives from the quality of the centres. Further, “the exceptional, high quality centres represent only 13% of total supply and 30% of the area, but 77% of them have a quality which can be improved upon, a clear sign of the strong potential for investment in improvements in this segment”, Cristina Pérez de Zabalza, managing partner of Retail Leasing at Cushman & Wakefield en España, points out.
In 2016, openings were mainly of large regional centres, although the future tendency seeks a new generation of centres which adapt their size and what they offer to the consumer in their area of influence, including the look and lifestyle which surround them.