The recent report from the PxC-Apresco Observatory reveals positive figures for the retail sector in Spain during the first quarter of 2024. Sales experienced a 7.9% increase compared to the previous quarter, a 9% rise compared to 2023, and a notable 14% growth compared to 2019. Additionally, the occupancy rate in commercial premises reached an average of 94.4%, while in retail parks it was 98%.
Ángel del Monte, General Director of Aparezco, highlighted: “The results of this first Observatory report demonstrate the good moment that shopping centers in Spain are experiencing, continuously improving their operational figures each quarter and overcoming all the sector’s uncertainties in recent years.” Del Monte also expressed his optimism about the sector’s future, emphasizing the strength of the macroeconomic outlook and the competitiveness of shopping centers.
PwC’s strategic consultancy director also commented on retail resilience in Spain. Despite the growth of e-commerce, its impact has been less than expected, with a penetration rate of 11% compared to the initially anticipated 16%, the European average of 16%, and the 27% in the USA. Moreover, the sector has invested 450 million euros in renewal and sustainability during the first quarter, and it is expected to reach 1.4 billion euros by the end of the year.
In a roundtable discussion, Ferracci highlighted the adaptability of shopping centers compared to high street retail and the evolution of the Food and Beverage segment, with renewed operators like Vicio. Alberto Rodríguez from Carmila, Spain, emphasized the crucial role of hypermarkets during the pandemic and the need to continue adapting to consumer demands.
Carlos Homet from URW Spain underscored the importance of finding innovative concepts to attract operators, noting that the market is full of opportunities. He also mentioned the need to pay attention to new consumption trends and understand market dynamics.
In conclusion, all participants agreed on the importance of developing differentiating concepts and attracting operators. This first quarter has shown growth in leisure and entertainment, followed by sectors related to home, food services, and fashion.
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