Record year for shopping centres and retail parks in Spain. Throughout 2023, the sector has witnessed a remarkable recovery in both sales figures and inflows, setting a precedent in attracting investment for this type of real estate asset. As reported by the Spanish Association of Shopping Centres and Commercial Parks, AECC, a 9.6% increase in sales and a 6.3% increase in the number of visits was observed, which has boosted job creation to 870,000 jobs. In addition, 42 new projects are expected to open by 2026, demonstrating the strength and sustained growth of this sector.
Despite the environment of economic uncertainty prior to 2023, this sector has managed to set new records in terms of sales, establishing itself as a key element of the national economy. It represents 9.1% of the services sector's GDP and 1.0% of total GDP, with an economic contribution of 14,741 million euros. The total volume of sales amounted to 52,051 million euros, with significant increases in different categories such as household goods, fashion and food. In addition, a 6.3% rise in visits was recorded, reaching a total of 1,840 million, although without reaching the pre-existing figures for 2019.
In terms of employment, the year 2023 stood out for the generation of 870,000 jobs, divided between direct and indirect jobs, representing a growth of 2.9% compared to 2022. The number of traders present in these spaces exceeded 33,500, with a predominance of small businesses.
New projects and investment
Gross leasable area (GLA) in Spain concluded with a total of 580 shopping centres and retail parks, totalling 16.7 million square metres, and both the inauguration of new projects and extensions to existing ones were noted. Four major projects were completed: La Finca Grand Café, Nasas Torrejón, Nexum Retail Park and A Revolta Parque Comercial y de Ocio, in addition to the inauguration of the Jaén Plaza extension, totalling 101,682 square metres of new GLA.
For the future, 42 new projects are planned that will add more than one million square metres of GLA, with a notable concentration in areas such as Madrid and Andalusia, as well as other autonomous communities such as Valencia, Galicia, Catalonia and the Canary Islands. Of these projects, which are expected to open in 2026, the boom in retail parks once again stands out, representing almost 81% of the new development, corresponding to 34 of the projects. The remainder of the new portfolio includes one large, two medium and three small shopping centres. In terms of investments, 2023 was characterised by the completion of 24 major transactions totalling more than €909 million, in addition to significant refurbishments in various shopping centres.
According to Eduardo Ceballos, president of the AECC, the data reflect a sector with very solid foundations, which continues to expand and reaffirms its relevance in the economic context of the country, especially within the commercial sector. Shopping centres and shopping parks maintain their popularity among consumers thanks to the effort, professionalism and commitment of the entire industry. For Ceballos, it is crucial that the increase in the average spend per purchase continues, which indicates that these sales channels remain attractive and are considered one of the most suitable means for the development of omni-channel shopping, an aspect highly valued by the modern consumer.
Responsible community and environmental management
In terms of sustainability, ESG criteria and social commitment, the sector continues to demonstrate its commitment. More and more centres are implementing strategies that involve ongoing investment in adopting measures aimed at reducing the environmental impact of their operations and the carbon footprint of their facilities. In addition, 18% of the centres have received accessibility certifications, ensuring compliance with standards that promote the inclusion of people with different abilities. It is notable that 10% of all accessibility certifications in Spain have been awarded to entities in this sector. At the same time, approximately 50% of shopping centres have implemented dog friendly policies.
20th AECC Congress
The twentieth edition of the AECC Congress, considered an event of great relevance within the sector, will take place in Valencia from 23 to 25 October, where more than 1,300 professionals and experts will meet to discuss the evolution and future of the industry. The conference will be accompanied by a Trade Fair showcasing the latest projects and developments in the sector.
