2026-05-20-莱坊-Spain_Retail_Snapshot_Q1_2026_2页_584kb

报告摘要

Retail Sector Summary - Q1 2026

Core Content

The retail sector in Spain has shown a positive trend in investment during the first quarter of 2026. Key indicators and data highlight the sector's resilience and attractiveness to investors despite the increasing influence of e-commerce.

Main Points

Investment Trends:
- The retail sector in Spain received a total investment of approximately €1.1 billion in Q1 2026, continuing the positive trend seen in 2025.
- Shopping centres accounted for 70% of total retail investment, making them the primary driver of investment activity.
- High street retail units represented more than 20%, while retail parks accounted for close to 10% of total investment.
Key Transactions:
- €340 million investment in CC Islazul, Madrid, with Castellana Properties as the purchaser.
- €140 million investment in CC Oasiz, T. de Ardoz, Madrid, with Cale Street Investment as the purchaser.
- €108 million investment in CC Berceo, Logroño, La Rioja, with Castellana Properties as the purchaser.
- These three transactions together accounted for about 50% of the total investment in Q1 2026.
Geographic Distribution:
- Madrid accounted for more than 63% of total investment.
- Andalusia, La Rioja, and Barcelona each accounted for around 10% of the transactions.
Prime Yields:
- Prime yields in Spain remained consistent with the end of 2025 across different retail segments.
- Shopping Centres: 6.5%
- High Street Retail: 3.6%
- Retail Parks: 6%
Economic Context:
- GDP growth for Spain is forecasted at 2.4% for 2026, placing it above major European economies such as Germany and France.
- Consumer confidence has shown an upward trend, with future expectations exceeding 80 points in January 2026.
Tourism:
- International tourist numbers have been increasing, with Madrid being the most popular destination.
- The number of tourists in March 2026 is expected to be higher than in previous years, although specific figures are not yet available.

Key Information

Investment Volume:
- Q1 2026: €1,100 million
- Q1 2025: €850 million
- This indicates a 29.4% increase in investment volume compared to the previous year.
Segment Breakdown:
- Supermarkets: €150 million
- Shopping Centres: €750 million
- Retail Parks: €150 million
- High Street: €450 million
Yields Comparison:
- Shopping Centres: 6.5%
- Retail Parks: 6%
- High Street: 3.6%
- These yields are compared to European counterparts such as Paris (6.00%), Dublin (7.50%), and Prague (5.75%).

Summary Table

Segment	Investment (€M)	Share of Total Investment
Shopping Centres	750	70%
High Street Retail	450	20%
Retail Parks	150	10%
Supermarkets	150	15%

Notes

The data for prime yields in 2023 and 2024 has been updated based on the latest market information.
The report highlights the continued attractiveness of physical retail spaces in Spain, driven by strong domestic demand and strategic investments in key assets.