Retail consolidates its recovery in Spain
Last Updated on 4 September 2025 by Equipo Urbanitae
Consumption shows clear signs that retail is consolidating its recovery. Last May, the Eurostat index had already confirmed an improvement in consumer confidence, supported by a more positive perception of the overall economic context and household financial situations. Added to this is greater stability in eurozone inflation, with rates around 2% in recent months. This scenario has an important impact on the performance of retail real estate and points to a period of growth.
In fact, according to BNP Paribas Real Estate, retail is once again showing its strength in Europe. Investment in retail assets has grown by 31% over the last twelve months, reaching €36 billion.
Looking at the different subsegments, shopping centers take the lead, with an 81% year-on-year increase and a total of €7.2 billion invested. High street retail also performed well, with €9.4 billion transacted and a 33% rise. Finally, retail parks and other locations outside urban centers reached €10.4 billion, up 12%.
Although some cooling in the sector has been detected, Savills confirms the solid performance of prime shopping centers, retail parks, and outlets. According to the consultancy, the sectors set to stand out in the coming months include sports and the athleisure trend (sportswear blending urban and casual style). Low-cost fashion brands also continue to excel on high streets and in urban shopping centers.
Investor interest in Spanish retail is growing
Spain, together with Italy and Poland, is one of the European countries where investor interest has increased the most. The most recent data from Cushman & Wakefield estimate that the volume of accumulated investment in the first half of 2025 reached €1.5 billion, meaning it will likely surpass the €2 billion recorded at the close of the previous year.
Here too, shopping centers and retail parks account for the bulk of activity, both in number of transactions and in volume of investment. The firm highlights that these attracted €1 billion, a figure equal to 2024 levels. Regarding investor profiles, REITs with international capital and private equity club deals partnering with specialized asset managers stand out. Private equity, however, is more focused on high street retail.
In this context, MCore —the family office of the JJ Matriz Capital group— and the manager Hermes Properties announced the creation of an investment company focused on the retail real estate market in the Iberian Peninsula. The agreement contemplates an investment of up to €500 million over a five-year horizon, with a particular focus on retail parks and assets for grocery operators.
Luis Espadas, Executive Director of Retail at Savills Spain, is optimistic about the sector’s outlook and year-end balance. “Our forecast is that this year’s investment volume will exceed that of 2024. We are seeing high activity, clearly above the levels recorded last year, since there is currently product available —or about to come to market— worth €2 billion, spread across different retail segments,” the executive explained.
Globally, Savills also anticipates an increase in real estate investment in the sector, supported by retailers’ expansion plans and rising rents in prime markets. “In short, both the available data and expert forecasts confirm the solidity of physical retail and its ability to adapt to an environment of constantly changing consumer habits. Consultancy firm CBRE also points out that more accessible financing conditions and the moderation in ecommerce growth support the sector’s good health and its steady outlook for the second half of the year.”
