Global Retail City Profiles Spain
Madrid
Madrid is the capital of Spain, a dynamic and open city and the country’s largest retail market. The city draws on a large consumer base which is amongst the most affluent in the country. Madrid is the country’s central hub of transport and communication networks, attracting high volumes of business travelers, while the city’s beautiful architecture and vibrant culture is a magnet for tourists. The economic recovery has ensured that Madrid remains one of Europe’s most attractive retail markets and has continued to welcome new retailers, although the strongest transformations in High Street can be felt in Preciados with the new opening of Pull & Bear and Mango, the transformation in Gran Vía and the city center opening of IKEA, Media Markt and Leroy Merlin.
High street Demand for high quality space remains strong as international brands and established national retailers continue to open stores. Vacancy remains limited on Madrid’s prime pitches as a result. Preciados is Madrid’s prime high street. As the city’s most famous retail location, it attracts the highest footfall and commands the highest rents. Gran Via has consolidated its position as Madrid’s leading high street for flagship stores, with adidas and Primark opening of late. Known as the Golden Mile, the exclusive streets Ortega y Gasset, Serrano and Jorge Juan house Madrid’s upmarket retail offer. Ortega y Gasset is a popular location for luxury retailers, Serrano is emerging as a destination for upmarket and mainstream brands, Jorge Juan hosts a mix of upmarket retailers and fashion designers. Goya is the preferred destination in Barrio de Salamanca for mainstream brands, while Fuencarral has emerged as one of the main prime high streets hosting a mix of premium, mainstream and trendy fashion brands. Claudio Coello is also emerging as a destination for premium brands.
Shopping centers Madrid’s most important shopping centers include Parquesur, Madrid Xanadú, Plenilunio, La Vaguada and La Gavia. After the opening of Gran Plaza 2 in 2012, there has been limited development activity with the exception of the openings of Sambil Outlet and Plaza Río 2 in 2017. A number of new retail assets are being developed. The Canalejas project opening in Puerta del Sol will host a 5-star hotel and a retail luxury arcade and several other projects on the city outskirts, like X-Madrid.
Shopping center Parquesur
Madrid Xanadú Islazul
La Gavia
La Vaguada Plenilunio Source: JLL 2018
Opening year 1989
2003 2008 2008 1983 2006
Size (sqft) 1,711,500
1,645,700 976,000 960,000 920,000 761,000
Location
Out of Town Out of Town City Center City Center City Center Out of Town
Population 6.4m
Prime rent (sqft per year)
US $320 Prime rental information for Preciados
Key indicators Population (‘000s No.)
GDP per Capita (US$, Real, PPP) GDP Forecast 2018-2022 (% pa)
Retail Sales Forecast 2018-2022 (% pa) Global CBRA Rank (Out of 140 cities)
Rental growth outlook
6,443
48,414 2.5 2.1
27th
Source: JLL, Oxford Economics (May 2018) Global CBRA Rank = Global Cross Border Retailer Attractiveness Rank
Key retail entrants
IKEA (Urban Concept) DECATHLON (Urban Concept) MediaMarkt (Urban Concept)
Key tenants
Alcampo, Cinesa, El Corte Inglés, Apple, Zara, Primark El Corte Inglés, Hipercor, Snowzone, Apple, Forever 21, Primark Yelmo, Sfera, Zara, Cortefiel, H&M, Primark
Carrefour, Cinesa, IKEA, Zara, Cortefiel, H&M, C&A, Primark Alcampo, La Vaguada Cinema, El Corte Inglés, Zara, H&M Mercadona, Yelmo, Sfera, Primark
Copyright (c) JLL IP, INC 2018
Wagamama Five Guys D’S Damat
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