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Season 2015 2016 CBRE Retail Spain.pdf


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EXECUTIVE SUMMARY

KEY FACTORS
AT A GLANCE

Parc Central Shopping
Centre - Tarragona.

ECONOMIC
GROWTH TAKES
HOLD

RETAILERS
INTENSIFY THEIR
EXPANSION PLANS

All Spanish economic
indicators registered
positive figures in
2015 and were a
strong driving force
for business. GDP and
private consumption
grew above 3%, the
unemployment rate
dropped to 22% and
consumer confidence hit
all-time highs.

Thanks to the new
economic backdrop and
rising sales figures, many
brands have resumed
their expansion plans.
Both long-standing
market operators, as well
as new-comers to the
market are investing in
Spain, although they are
carefully cherry-picking
their retail units.

This positive growth
trend is expected to be
maintained in 2016,
although at a more
moderate level.

At the same time as
showing an interest in
Madrid and Barcelona,
retailers are showing
greater interest in cities
such as Bilbao, Valencia,
Malaga and Palma de
Mallorca, which are
benefitting from the rise
in tourism.

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Season 2015-2016 | CBRE

E-COMMMERCE AND
MULTI-CHANNEL
STRATEGIES GAIN
GROUND
Spain is one of the
European countries
where e-commerce
is growing the most.
On-line buying remains
fairly limited among
the Spanish population,
meaning it is a field with
considerable room for
growth. At present, it
represents just 2.5% of
total sales.

THE CHANGING
FACE OF HIGH
STREETS
The rising interest from
retailers to open flagship
stores is causing some
streets to be completely
revamped. Some
examples are Gran Vía
in Madrid, where the
opening of Primark and
other flagship stores, such
as by New Balance and
Adidas, are reshaping the
retail offering. The same
can be seen in Barcelona
in Las Ramblas, where
thanks to the arrival of
new operators, the high
street is becoming a new
hub for mass-market
retail in the city centre.

SALES AND RENTS
ON THE UP IN
SHOPPING CENTRES
In 2015, shopping
centres booked improved
results, with sales for the
centres in the CBRE Index
growing by 5.5% on
average, almost double
the figure registered by
retailers in general. The
spend-per-head also
rose considerably from
€10.50 to €11.70 per
visitor.
As a result, rents rose for
the first time since the
onset of the economic
crisis, by between 5%
and 10% for prime high
street and shopping
centre locations.

ANOTHER YEAR
OF RECORD
INVESTMENT
Retail investment in 2015
hit record highs, both
in the high-street and
shopping centre sectors,
with investors showing
an appetite for all
types of retail products
throughout the year.
Thus far, investment
activity in 2016 has been
greater than initially
expected. Furthermore,
with several deals
expected to be closed
during the second half of
the year, 2016 could end
with a total investment
volume of €2.0 billion
in the shopping centre
sector.

NEW SHOPPING
CENTRE TRENDS
To remain competitive,
shopping centres must
continually move with the
times and incorporate
new management
strategies.
Big Data is set to be
key as it allows one to
segment a shopping
centre’s clientele and
cross-check their
purchasing habits
with their physical
movements. Tools
already exist that allow
shopping centres to
create their own Big Data
and make use of it.

During the economic
crisis, restaurants in
shopping centres moved
towards a low-cost
format, however, this
trend is likely to change
as consumption rises.
Other European
countries have
introduced casual dining
in their shopping centres,
offering a better quality
product and service,
however, in Spain better
value-for-money may be
a more feasible next step
in many centres.

Key factors at a glance

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