The year 2025 has confirmed the strength of Spain’s shopping center sector, which continues to grow at a moderate yet steady pace. Sales reached a historic record of over €58.5 billion, representing a 6% increase compared to 2024. This progress reflects not only higher revenues but also stronger overall activity: footfall rose to 1.955 billion visits, up 2.4% from the previous year, reaching levels very similar to those recorded in 2019. In addition, average spending per customer increased by 3.5%, reinforcing a positive trend in both visitor numbers and consumer spending.

Growth is also evident in gross leasable area (GLA), which expanded by 132,148 square meters to reach a total of 16.9 million square meters, distributed across 592 shopping centers and retail parks,five more than in 2024. Investment activity was particularly dynamic, totaling €2 billion across 32 transactions, the highest figure recorded since 2018. At the same time, the sector continues to modernize: 400,000 square meters are currently undergoing refurbishment, representing 8.2% of the total GLA.

Regarding retail mix, the food and beverage segment stands out, growing by 10.8%, even surpassing fashion, which remains the sector’s main driver with a 6.9% increase. Small units clearly dominate the landscape, as 85% of retail spaces are under 300 square meters. With an average occupancy rate of 95% and competitive returns compared to other real estate assets, the sector remains highly attractive to investors. Retail density stands at 343 square meters per 1,000 inhabitants, in line with the European average, although regional differences persist.

One of the main trends is the consolidation of retail parks, a more flexible format better suited to local markets. In fact, all new projects inaugurated in 2025 fall into this category. Of the 36 developments planned through 2028, 28 will be retail parks, accounting for approximately two-thirds of the new projected surface area, with Madrid and Andalusia leading in new developments.

This performance is supported by a favorable macroeconomic environment. Spain’s GDP grew by 2.8%, above the European average, boosting household consumption by 3.3%. The unemployment rate fell to 9.9%, its lowest level since 2008. Tourism also played a key role, with 96.8 million international visitors and average spending exceeding €1,500 per person.

Overall, the sector is not only consolidating its position as an economic engine, generating 890,000 jobs, 46% of them direct, but is also evolving toward more experiential, sustainable spaces aligned with new consumer habits.

At CG Capital Europe, we work hand in hand with international funds, institutional investors, and corporates to identify, structure, and execute real estate investment opportunities across all asset classes in Spain includingretail, living, hospitality, logistics and offices. With privileged access to global capital, deep market insight, and a proven track record in complex transactions, we deliver strategic advisory services that enhance value creation and investment performance. Spain’s solid market fundamentals, together with investors’ growing appetite for prime and sustainable assets, continue to drive strong momentum in the sector, positioning CG Capital Europe as a trusted partner for those seeking to capture the most attractiveopportunities in one of Europe’s most dynamic real estate markets.

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