Shopping centres on the Iberian Peninsula are meeting their growth forecasts. According to data provided by CBRE for the first four months of 2024, the sector in Spain has increased its sales by 3.2% and its footfall by 3.7% compared to the same period last year. The figures are taken from the consultancy firm's Retail Index report, which analyses 59 shopping centres in Spain and Portugal managed by its Property Management division. The occupancy rate of these assets reached 89.9% in April.
In Catalonia, sales increased by 6.1%, while footfall rose by 2.3%. "This sharp difference between the increase in turnover and the number of visitors can be explained by the growth in average consumer spending in shopping centres," says Paul Santos, Head of Retail Iberia at CBRE.
Shopping centres in the south of Spain have registered the highest increase in visitor numbers with 7.9%, and sales growth of 3.8%. On the other hand, shopping centres in the north of Spain, Madrid and the Central-Levante area have seen increases in turnover of 2.7%, 2.3% and 2.1% respectively.
Centres with a significant leisure component have experienced the largest increases in sales, with a 9.6% increase, and an 8.8% increase in footfall. Urban centres also showed growth, with a 6% increase in sales and a 7.1% increase in the number of visitors.
Among the sectors, speciality retail led the way with a 9% increase in turnover, followed by electronics with 7.6% and services with 6.7%. Sports and leisure shops experienced decreases of 1.8% and 3.7% respectively.
Rents have remained stable at 2023 levels, with no significant changes expected in the next twelve months.
In Portugal, shopping centres outperformed Spain in terms of sales and footfall growth between January and April, with increases of 7.9% in visitors and 6.2% in turnover. Occupancy reached 95.9%. The most notable increases in sales were in leisure shops, with 19.7%, food with 13.4%, and speciality retail with 10.2%. The sectors with the lowest growth were sports and electronics, both with around 3.4% increase in turnover.
