2024-02-08-莱坊-Spain_Retail_Snapshot_Q4_2023_2页_665kb

Retail Snapshot Summary - Q4 2023

Core Content

The Retail Snapshot report for Q4 2023 provides an overview of the retail sector in Spain, highlighting key trends in tourism, economic growth, consumer confidence, and investment activity. The data is compiled quarterly by experts at the Knight Frank Spain office, based on real market trends and statistics.

Main Points

Tourism Growth

• The number of tourists in Spain during the first 11 months of 2023 surpassed the same period in 2019.
• This reflects a strong annual increase of 18.2%, indicating a recovery in the tourism sector post-pandemic.

Economic Growth

• The Spanish GDP is forecasted to grow by 2.5% in 2023, which is higher than initial pessimistic estimates.
• For 2024, a growth of 1.7% is also expected.

Retail Turnover

• Retail turnover continued to grow throughout 2023.
• It closed November with an annual variation of 6.8%, showing a positive trend in retail activity.

Consumer Confidence

• Consumer confidence in November 2023 reached 76.7 points, an increase of 6.2 points compared to the previous year.
• The improvement is attributed to positive assessments of the current situation and optimistic expectations.

Key Investment Trends

Retail Investment Volume

• Q4 2023 Investment Volume: Approximately €370 million, a significant drop from €540 million in Q4 2022.
• Year-to-date (Q1-Q3 2023): Over €900 million, marking a 50% decrease compared to 2022 (excluding branch operations).

Investment Typology

• Retail Parks were the most popular investment type in Q4 2023, accounting for over 35% of the total investment, with more than €300 million invested.
• This represents a 105% increase compared to 2022.
• Shopping Centers also saw increased interest, with prime yields rising to 7.75% in Q4 2023, up from 7.25% in Q3 2023.
• High Street and Supermarkets saw lower investment volumes compared to retail parks and shopping centers.

Notable Transactions

• Carrefour Property sold six assets through a sale-and-leaseback operation, generating an investment volume of €100 million.
• El Corte Inglés sold 47 SuperCor stores to Carrefour for €60 million.
• Decation Portfolio sold its assets to Realty Income C. for an estimated €58 million.

Prime Yields

• Prime Yields in Madrid:

  • Shopping Centers: 7.75%
  • Retail Parks: 6.50%
  • High Street: 4.00%

• European Prime Yields (Q3 2023):

  • Berlin:
    • Shopping Center: 5.50% ↑
    • Retail Parks: 5.35% ↑
    • High Street: 3.90% ↑*
  • Dublin:
    • Shopping Center: 7.50% ↑
    • Retail Parks: 6.00% =
    • High Street: 5.50% =*
  • Paris:
    • Shopping Center: 5.50% ↑
    • Retail Parks: 6.00% ↑
    • High Street: 3.75% ↑*

Note: The High Street yields in Berlin and Paris are marked with an asterisk, indicating they are based on Q2 2023 data.

Contact Information

• Tamara Sánchez
  Director, Head of Retail
  +34 600 919 073
  tamara.sanchez@es.knightfrank.com

• Daniel Caprarin
  Head of Research, Marketing & PR
  +34 600 919 087
  Daniel.caprarin@es.knightfrank.com