The Spanish retail market is undergoing a phase of strong consolidation, with shopping centres and retail parks showing consistent growth in both sales and footfall. In the second quarter of 2025, sales increased by 7.1% compared to the same period last year, following the 5.2% annual growth recorded in 2024. Footfall also rose 4.6% between April and June, maintaining the positive trend and progressively reducing the gap with spending levels.

Occupancy rates remain at record highs, averaging 95.1%, with retail parks reaching 97% and large and very large shopping centres standing above 95%. This strength reflects not only consumer resilience but also the ongoing attractiveness of physical retail as an investment class. Executive sentiment is aligned with this momentum: over 70% of senior industry leaders consider the sector’s current performance “excellent,” and close to 90% expect further improvement in the coming twelve months. Access to financing is also improving, supporting both acquisitions and repositioning strategies, while yields are expected to remain stable.

Structural factors reinforce this trend. Despite the competitive pressure of e-commerce, physical retail has demonstrated its ability to reinvent itself, with fashion, home and food & beverage driving performance and operators integrating delivery and omnichannel strategies into their platforms. Shopping centres are evolving into multi-purpose hubs that combine retail, leisure, and services, enhancing their long-term role in urban and suburban ecosystems.

For investors, Spain offers a particularly compelling retail landscape: stable income profiles, high occupancy, diversified tenant bases and strong consumer engagement combine to create resilient opportunities with upside potential. Consolidation, value-add repositioning and operator partnerships remain central to the next wave of growth, especially in prime and large-scale assets.

At CG Capital Europe, we are closely involved in this renewed retail cycle, advising on transactions across core, value-add and development strategies. Our team combines deep sector expertise, access to institutional and private capital, and a track record of successfully executing complex transactions in the Spanish market. We see the retail sector not only as a story of recovery, but as one of transformation, with room for investors to capture value through strategic positioning and operational optimization. Spain remains one of the most dynamic retail investment markets in Europe.

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