2023-07-26-莱坊-Spain_Retail_Snapshot_Q2_2023_2页_653kb

Retail Snapshot Summary - Q1 2023

Core Content Overview

This document provides a comprehensive analysis of the retail sector in Spain for Q1 2023, highlighting key performance indicators, investment trends, consumer behavior, and international tourism data. It also includes insights into prime yields and recent retail openings in major cities like Madrid and Barcelona.

Main Sector Indicators

• GDP Forecasts: Spain's GDP forecasts for 2023 have increased by 0.4 percentage points, expecting a GDP growth of 1.5%.
• Retail Turnover: The retail turnover has shown a favorable evolution, with a year-on-year growth of 7.6% in May 2023.
• Consumer Confidence: Consumer confidence has increased, reaching 81.5 points in May 2023, which is 8.5 points higher than the previous month.
• International Tourism: International tourist numbers have surpassed 2022 figures, with an accumulated total of almost 21 million in the first months of the year. May 2023 saw 7.3 million tourists, a 1.2% increase compared to May 2019.

Retail Investment in Spain

• Q2 2023 Investment: The retail investment pace remains stable, reaching €210 million, which is approximately 60% less than the €535 million recorded in Q2 2022.
• Accumulated Investment: The total investment for the year so far is €385 million.
• Investment Distribution:
  • Shopping Centers: Account for 45% of total investment.
  • Retail Parks: Account for 35% of total investment.
  • High Street and Supermarkets: Represent smaller shares.
• Expected Growth: It is expected that 30 new retail assets will open between 2023 and 2025, adding approximately 900,000 square meters to the existing 16.6 million square meters of retail space.
• Current Distribution: The existing retail space is distributed among approximately 580 shopping centers.

Prime Yields

• Madrid Prime Yields:
  • Shopping Centers: 6%
  • Retail Parks: 5.50%
  • Commercial Premises: 4%
• European Prime Yields (Q1 2023):
  • London: Shopping Centers 8.00% (↑), High Street 4.50% (=)
  • Berlin: Shopping Centers 5.15% (↑), Retail Parks 5.05% (↑), High Street 3.80% (↑)
  • Dublin: Shopping Centers 6.75% (↑), Retail Parks 6.25% (↑), High Street 5.25% (↑)
  • Paris: Shopping Centers 5.25% (↑), Retail Parks 6.25% (↑), High Street 5.25% (↑)

Recent Retail Openings

Madrid

• Bar Manero: 560 m² | Marqués de Cubas 14
• Five Guys: 340 m² | Avenida Felipe II
• Bexley: 250 m² | Serrano 3

Resto de España

• Ikea: 2,555 m² | Av. Diagonal 532 (Barcelona)
• Leroy M.: 380 m² | Conde Salvatierra (Valencia)
• Miele: 142 m² | Calle Hernan Cortes 24 (Valencia)

Key Investment Deals in Q2 2023

• P.C. Las Canas, Navarra: €54 million | Vendor: Oak Hill & Murias | Purchaser: Mosaqui | Capital value: €1,200/sq m
• C.C. Marina City, A Coruña: €45 million | Vendor: El Corte Inglés | Purchaser: Merlin | Capital value: €1,000/sq m
• P.C. El Osoito, Valencia: €26.5 million | Vendor: Aliseda | Purchaser: Iroko Zen | Capital value: €1,300/sq m

Contact Information

• Elaine Beachill: Director of BTR, Retail & Hospitality
  Phone: +34 600 919 016
  Email: Elaine.Beachill@es.knightfrank.com

• Rosa Uriol: Head of Research
  Phone: +34 600 919 114
  Email: rosa.uriol@es.knightfrank.com

Data Sources

• European Comparative PIB: Source: FMI
• Retail Trade: Source: INE (Seasonally and calendar-adjusted series, excluding service stations)
• Consumer Confidence Index: Source: CIS
• International Tourists: Source: INE
• Prime Yields: Source: Knight Frank Research