Retail Real Estate 2025: Investment, Transformation and New Trends
By September 2025, direct investment in retail real estate assets reached €1.919 billion, according to the Retail in Spain report by consultancy Savills. If forecasts are met, the year will close with a record investment volume since 2019, exceeding €2.7 billion, well above the historical average.
This trend is confirmed by CBRE, which estimates investment at €1.935 billion by September, 15% more than in the same period of 2024. Retail already represents 15% of the total capital invested in real estate, amounting to €12.9 billion, consolidating its position as one of the three most active segments, along with Living and Hotels.
The rebound in capital allocated to retail is largely explained by an increase in shopping center transactions and growing interest from international investors, together with a rise in the average transaction size. According to CBRE, the core profile is consolidating, with REITs (Socimis) leading investment at 41% of total volume, followed by French SCPIs and Anglo-Saxon funds. At the same time, private investment is becoming more professional through vehicles specialized in shopping centers, while institutional investors are once again showing interest in high street retail units.
Shopping Centers: The Main Engine of Retail Real Estate
According to Savills, shopping centers account for 57% of total investment, maintaining their position as the main focus of interest. Retail parks represent 9%, supermarkets 10%, and high street units 24%.
Excluding high street units, retail investment totals €1.448 billion, of which €1.08 billion corresponds to shopping centers — in line with last year’s trend and pre-pandemic levels. Meanwhile, investment in high street stores already exceeds 2024’s total by more than 15% (which closed at €409 million), and Savills forecasts it will reach €800 million by year-end.
Technology: The Driver of Retail Transformation
Retail is evolving not only from an investment perspective but also through its operational model. Technological, social, and demographic shifts are redefining the relationship between brands, spaces, and consumers. The book Retail Revolution (ESIC Editorial) analyzes some of the technological paradigms shaping this new landscape.
- Digital transformation is no longer an option — it is a condition for survival. Artificial intelligence, e-commerce, and new payment methods have changed consumption habits, forcing brands to adopt omnichannel strategies that integrate physical stores, online platforms, and social media.
- Supply chain automation is also redefining the industry. Major operators such as Amazon and Carrefour are using AI and robotics to forecast demand, optimize inventories, and reduce waste — resulting in greater efficiency and faster customer service.
- Personalization is another key pillar. Brands like Sephora use algorithms to deliver tailored recommendations and immersive experiences with augmented reality, allowing customers to test products before purchasing.
- New payment methods are becoming a competitive advantage. Contactless solutions, digital wallets, and even cryptocurrencies streamline transactions. Starbucks, for example, has turned its payment app into a loyalty tool that fosters community engagement.
Cultural and Experiential Transformation
The Savills Retail Trends 2025 report highlights that the next major transformation will be cultural and experiential. Consumers no longer buy just products — they seek identity, coherence, and emotion.
- Generation Z embodies this change. Their consumption is emotional and conscious — they don’t buy impulsively but to express themselves. They value authenticity and unfiltered brands. More than 80% check social media before making a purchase, and even consider queueing at an iconic store part of the experience.
- Brands, in turn, must deliver seamless experiences, with no friction between digital and physical environments. 79% of consumers value consistency across both channels, and 73% of retailers consider digital transformation a strategic priority. A brand’s narrative must be equally strong on its website as in its flagship store.
- The specialty concept is gaining traction. Businesses focused on a single product create stronger communities and loyalty. For them, selling becomes experience, and experience becomes identity.
- Physical stores are evolving into conceptual and immersive spaces. In 2024, 81% of Spanish consumers changed their shopping habits in search of more personalized experiences. 2% of online purchases now lead to physical store visits, showing the interdependence between channels. Brands must design spaces where emotion and technology work hand in hand
A Sector Reinventing Itself
Retail real estate is undergoing an exciting period of transition. Investment is rising, players are diversifying, and stores are transforming into stages where experience leads. Physical spaces are no longer just points of sale — they are platforms for emotional and cultural connection between brand and consumer.
At the intersection of capital, technology, and creativity, the new roadmap for commerce in Spain is being written.
