2023-05-09-莱坊-Spain_Retail_Snapshot_Q1_2023_2页_599kb

Retail Sector Summary - Q1 2023

Core Content

This document provides an overview of the retail sector in Spain during the first quarter of 2023, including key economic indicators, consumer behavior, investment trends, and prime yields. It is based on research conducted by Knight Frank Spain, utilizing real data and market trends.

Main Economic Indicators

• Retail Turnover Growth: The retail turnover in Spain grew annually at a rate close to 10%, indicating a strong recovery in the sector.
• GDP Forecast: Spain's GDP forecasts for 2023 increased by 0.4 percentage points, expecting a growth of 1.5%. This positive GDP outlook is expected to boost consumption in the coming months.
• Consumer Confidence: The Consumer Confidence Index reached 67.4 points in March 2023, showing a slight decline of 4.1 points from the previous month. However, it increased by 13.6 points compared to the same period in 2022.
• Tourism Recovery: Spain recorded over 63 million international tourists in 2022, surpassing the previous two years and only 15% less than in 2019. Forecasts suggest a new record in 2023.

Retail Investment in Spain

• Investment Volume: Retail investment in Q1 2023 amounted to €180 million, a significant drop of around 35% compared to €285 million in Q1 2022.
• Segment Breakdown:
  • Shopping Centers: Represented 60% of total investment and had the highest number of transactions (6 assets sold).
  • Supermarkets: Ranked second with nearly 30% of the total investment.
  • Retail Parks and High Street had lower investment shares.
• Prime Yields:
  • Shopping Centers: 6%
  • Retail Parks: 5.50%
  • Commercial Premises: 4%

Notable Transactions

1. €75 million: Carmila sold four shopping centers in Andalusia (Los Patios and Alameda in Malaga, Los Barrios and Gran Sur in Cadiz) to a family office.
2. €42.5 million: Carrefour sold 8 supermarkets to the French fund Inter Gestion.
3. €24.6 million: Silicius sold properties in San Sebastián and Getafe to a confidential purchaser.

Key Retail Openings

Madrid

• 1,000 sq m: Pull & Bear, Gran Via 32
• 935 sq m: Kave Home, Orense 2
• 400 sq m: Ginos, Gran Via 63

Barcelona

• 2,000 sq m: Lefties, Portal de L'Angel 20-22
• 100 sq m: Scalpers, Av. Diagonal 594
• 60 sq m: Nude Project, Canuda 37

European Prime Yields (Q1 2023)

*Note: The data for London's High Street is not available (n.d.).

Contact Information

• Elaine Beachill: Director of BTR, Retail & Hospitality
  Email: Elaine.Beachill@es.knightfrank.com
  Phone: +34 600 919 016

• Rosa Uriol: Head of Research
  Email: rosa.uriol@es.knightfrank.com
  Phone: +34 600 919 114