2023-02-08-莱坊-Spain_Retail_Snapshot_Q4_2022_2页_688kb

Retail Snapshot Summary - Q4 2022

Core Content

This document provides an overview of the retail market in Spain, focusing on recent investment trends, key deals, and market conditions. It highlights the performance of the retail sector in comparison to other European countries and outlines the impact of the pandemic on market activity.

Main Points

Economic Outlook for Spain

• GDP Growth: Spain is expected to grow at 1.2% in 2023, making it one of the fastest-growing countries in Europe.
• Consumer Confidence: The index closed 2022 at 68 points, down from 81.3 in 2021, but showed a recovery of 13 points from October to December.
• Tourism Recovery: Tourism numbers reached over 63 million by October 2022, representing a more than 150% increase compared to the previous year.

Retail Channel Trends

• The shift in purchase channels over the last decade is evident, with e-Commerce and limited assortment supermarkets (e.g., Mercadona, Lidl, Aldi, Dia) gaining prominence.
• The e-Commerce channel has grown by 4.6 points and now ranks first in terms of growth.

Retail Investment in Spain

• Q4 2022 Investment: Recorded an investment volume of around €540 million, double that of the same period in 2021.
• Annual Investment (2022): Total investment for the year amounted to €3.9 billion, significantly higher than the previous three years.
• Major Investment Sub-sectors:
  • Commercial premises accounted for nearly 40% of total investment.
  • Shopping centre operations followed with almost 30% (excluding bank branches).
• Prime Yields: Remained stable throughout the year across different segments.

Key Deals in Q4 2022

Barcelona

• Portal de l'Angel 19-21

  • Vendor: El Corte Inglés
  • Purchaser: Redevco Y Ares
  • Investment: €200 million
  • Price per sq m: €9,450
  • Purpose: Refurbishment and transformation into a mixed-use sustainable building with prime retail and office spaces.

• Portal de l'Angel 40

  • Vendor: Portal Retail Venture
  • Purchaser: Generali R.E.
  • Investment: €105 million
  • Price per sq m: €23,850

Madrid

• Mirasierra Gallery and Puerta de Algete
  • Vendor: Ten Brinke
  • Purchaser: Aberdeen
  • Investment: €40 million
  • Price per sq m: Not disclosed

European Comparative Prime Yields (Q4 2022)

*Q1 2022 data, **Q3 2022 data

Notes on Market Conditions

• Impact of COVID-19: The pandemic has affected market activity across Europe, making it difficult to compare previous data. The report aims to provide current insights but acknowledges the uncertainty of future market changes.
• Data Limitations: Due to the limited recent comparable data, the report should be used as a general guide rather than a definitive analysis.

Contact Information

Retail & Hospitality Director

• Name: Elaine Beachill
• Phone: +34 600 919 016
• Email: Elaine.Beachill@es.knightfrank.com

Head of Research

• Name: Rosa Uriol
• Phone: +34 600 919 114
• Email: Rosa.Uriol@es.knightfrank.com

Recent Publications

• International Retail. 2022
• Retail Property Outlook. 2023

Knight Frank Research

Knight Frank Research offers strategic advice, consultancy services, and forecasting to a wide range of clients, including developers, investors, funding organisations, corporate institutions, and the public sector. All clients value expert, independent advice tailored to their specific needs.

Disclaimer

This report is for general information only and should not be relied upon in any way. Knight Frank España, S.A.U. does not accept any responsibility or liability for any loss or damage resulting from the use of, reliance on, or reference to the contents of this document. Reproduction of this report in whole or part is not permitted without prior written approval.

Reports Availability

• Spanish: knightfrank.es/investigacion-de-mercados
• English: knightfrank.com/research

Knight Frank España, S.A.U. is a limited liability partnership registered in the Mercantile Register of Madrid with CIF No. A-79122552. The registered office is located at Suero de Quiñones 34, 28002 Madrid.