The CBRE Retail Index report for Spain offers an optimistic outlook for the country’s retail sector. With data collected up to August 2023, several key indicators point to sustained growth in the industry.
One standout point is the occupancy rate in Spain’s shopping centres, which is a robust 90.4%. This figure testifies to the vitality of the sector and the consistent demand for retail spaces by retailers.
Sales and foot traffic data also showcase impressive performance, with increases of 9.2% and 9.7%, respectively, compared to the same period the previous year. This suggests a rise in commercial activity and heightened consumer interest.
The report also provides detailed information on regional sales percentages and dominant activities. In Spain, the highest growth in the sales percentage in shopping centres (data as of August ’23 compared to 2019) has been recorded in the southern region (10.3%), followed by the Central-Eastern region (8.9%) and Madrid (3.5%). In terms of activities, up to August 2023, fashion (31.7%) and leisure (17.6%) have accounted for the most significant percentage of occupancy of the total square meters under management. They are followed by the Food and beverage sector (11.1% of the total GLA) across all its formats (fast food, casual dining, fast casual, and fine dining).
The report also highlights investment in the retail sector during the first half of 2023, totalling 538 million euros. Private equity investors have played a significant role in this investment, representing 33% of the total, compared to 13% the previous year.
In summary, CBRE’s Retail Index report indicates that Spain’s retail sector is continuously growing and developing, supported by solid occupancy, sales, and foot traffic figures. This reflects the trend among consumers in Southern Europe, who value the in-store shopping experience and support the resilience of the retail sector in the region.
