According to the latest Savills study on Medium Surfaces in Spain, retail parks have emerged as the main driver of property development within the retail sector. It is expected that between 2024 and 2025, 33 new retail parks will open their doors, of which 11 will open this year. These openings will boost the number of retail parks to 21% of the total assets in 2024. Regarding gross leasable area (GLA), retail parks are estimated to represent 20% of the total, compared to 15% a decade ago.
Currently, Spain has 132 retail parks covering a GLA of 3.4 million square meters. This type of establishment has evolved in recent years, expanding its traditional offer (home, DIY, technology and sports) to include services such as restaurants, cinemas, children’s entertainment, and supermarkets, attracting customers throughout the week. This change has brought the retail park format closer to that of shopping centres in terms of its design and commercial diversity.
The market has seen a reduction in the average size of these parks, from 28,000 m² to 18,300 m² in the last five years, due to a change in consumer habits and their proximity to more populated areas. During the first nine months of 2024, the segment has reached an investment volume of more than 130 million euros, with the expectation that this figure will exceed 200 million by the end of the year.
In addition, national and international operators, such as Lidl, Jysk and TK Maxx, are actively looking for new locations, thus consolidating interest in the retail park segment in Spain.
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