Driven by a particularly dynamic year in 2025, the Belgian retail market is showing strong signs of renewed momentum. From the rise of flagship stores and the arrival of new international brands to the revival of shopping centres and sustained activity in out‑of‑town retail, every segment is gaining traction. This article provides a full overview of a sector in transformation, ready to continue evolving in 2026.
2025 seems to have been a particularly dynamic year for retail. What are the main lessons you have learned from it?
Jonathan Delguste (Head of High Streets): Absolutely. 2025 was a prosperous year. Take-up, i.e. the total volume of space occupied, exceeded 500,000 sq m for the second time in ten years, reaching a record high of around 550,000 sq m. That is nearly 100,000 sq m more than in 2024.
The bankruptcies recorded during the year generated an influx of supply, but they also prompted many retailers to review their locations: optimisation, relocation, adaptation of space, etc. The space left vacant by the CORA hypermarkets and their shopping centres weighed significantly in this record, as did the future location of Zara on the Meir in Antwerp, with a flagship store of around 14,000 sq m.
Retail trends
What major trends are you seeing in retailer behaviour?
Jonathan Delguste (Head of High Streets): One trend is clearly emerging: the rise of flagship stores. More and more brands are focusing on iconic, larger, more experiential points of sale, but fewer in number. 2025 also saw the arrival of new retailers that were eagerly awaited by consumers. New Balance and Lululemon are two notable examples: they opened flagship stores in Brussels and Antwerp.
We also saw the arrival or expansion of trendy brands such as Skin Cosmetics, Ray Cosmetics, Omega, Zimmermann, Amiri Paris, Flabelus, Lancel, Pain de Sucre, Jack&Jones/JJXX, Selected... and many others.
Two segments have particularly stood out: sports and beauty/cosmetics. The opening of numerous Douglas stores and the growth of Kruidvat are testament to this. The lifestyle focused on well-being and healthy eating is also very present: the French chain Copines, which specialises in sourdough bread and gluten-free options, is a e example. At the other end of the spectrum, discount chains – TEDi, Jysk, Kruidvat, Wibra – have been very active. They appeal to households that are increasingly mindful of their spending.
High Streets
What about the main shopping streets?
Jonathan Delguste (Head of High Streets): High streets performed well in 2025, with take-up of around 160,000 sq m. They remain strategic for international entrants looking to open a flagship store or for established brands wishing to expand their footprint. The most dynamic cities remain Brussels and Antwerp, which account for the majority of transactions. Overall, Brussels and Flanders account for approximately 136,000 sq m of take-up. Commercial space is almost fully occupied in the most prestigious streets (Meir, Rue Neuve, Veldstraat, Steenstraat, etc.).
The major cities in Wallonia – with the exception of Waterloo – are catching up, with a decline in vacancy rates and a new dynamic in 2025. The most active brands on High Street were: Batopin, Vero Moda, Douglas, Copains, Kruidvat and iServices. 2026 should see this trend continue, with the expansion of existing brands and the arrival of new international players, some of which will be revealed shortly.
Shopping Centres
Shopping centres also had a good year, didn't they?
Kurth Marissens (Head of Shopping Centres): Indeed. After a period of hyperinflation followed by bankruptcies, shopping centres have regained remarkable stability. Take-up reached record levels, with some centres approaching 100% occupancy.
Fashion, beauty and health, services and catering brands have contributed significantly to this momentum. Many have taken advantage of the available supply to optimise or expand their floor space. Footfall improved overall in 2025.
For 2026, take-up is expected to normalise due to more limited supply. However, one factor could change the game: the opening of the BROEKLIN project, the latest major mixed-use development (retail, leisure, events, F&B, offices) in Belgium.
Out-of-Town Retail (OOTR)
And what about out-of-town retail?
Jean Baheux (Head of Retail Services & Head of OOTR): The Out-of-Town Retail market is showing a positive and stable trend, with strong demand. Only the interior design segment remains slightly behind, still feeling the post-COVID effect – a phenomenon that is, however, coming to an end.
Take-up in OOTR exceeded 350,000 sq m in 2025. Rental values remain stable, or even rising in the most sought-after areas around Brussels, Antwerp and Liège. The highest rents are around €180/sq m/year for spaces close to 1,000 sq m.
The most active retailers were mainly international: Kiabi, Coolblue, Action, Delhaize, Dreamland, Medi Market and Kruidvat.
2026 looks set to follow the same trend, thanks in particular to the marketing of seven renovated CORA sites, representing around 160,000 sq m, which will be completely refurbished and re-let to create a new, high-performance retail mix.
