- Lisbon stood out with 2,160 new units, followed by Porto with 770 new stores over the past decade.
- The restaurant sector was the most prominent, accounting for 66% of high street retail openings in Porto and 65% in Lisbon.
- In the Luxury and Premium segment, 40% of the current total offering stems from openings registered in the last decade, with a strong presence on Avenida da Liberdade.
The growing attractiveness of high street retail in Portugal has resulted in a significant number of new openings over the past ten years. According to Cushman & Wakefield’s (C&W) new high street retail report, Lisbon led with 2,160 new units, followed by Porto with 770 new stores. In both cities, high street retail accounted for over 80% of total openings.
In 2024, Lisbon solidified its position as the main destination for high street retail, with the number of stores increasing by 12% compared to 2019, now representing 31% of the total high street retail supply. Fashion and food & beverage brands are increasingly prominent, accounting for 26% and 29% of the current offer, respectively.
In terms of demand, the food & beverage sector was the most representative over the last decade, accounting for 66% of high street openings in Porto and 65% in Lisbon. The fashion sector, in turn, was responsible for 9% of openings in Porto and 10% in Lisbon, with a stronger presence among international chains in both cities.
Lisbon stands out for its six prime high street zones — Avenida da Liberdade, Baixa, Restauradores and Rossio, Chiado, Cais do Sodré, and Príncipe Real — where the retail offering is broad and diverse. Avenida da Liberdade has the highest concentration of international chains (76%), followed by Restauradores and Rossio, where international brands account for 52% of the offering, driven by major openings such as Zara’s new flagship store in Rossio — the second largest in the world, spanning 5,000 sqm.
Similar to Lisbon but with even greater concentration, high street retail in Porto is focused in the city centre, which has undergone significant revitalisation due to increased tourism and urban redevelopment. This growth is reflected in a stronger presence of both international and national retailers, with occupied retail space increasing by 17% and 12%, respectively. The vacancy rate has also dropped considerably. The fashion sector is the most prominent, representing 35% of total occupied space. In Clérigos, the importance of food & beverage stands out, particularly on Galeria de Paris and Cândido dos Reis streets.
According to João Esteves, Partner and Head of Retail at Cushman & Wakefield:
“Legislative changes to urban leasing and incentives for urban regeneration implemented over a decade ago, along with the increase in tourism, remain key factors in the growth of high street retail. Our analysis also shows that, despite growing demand, store openings are increasingly limited by the lack of available space. Supply in the prime luxury areas — Avenida da Liberdade in Lisbon and Avenida dos Aliados in Porto — is even more restricted. This imbalance is reflected in rising rents, which have continued to increase over the past year.”
Luxury and Premium: 40% of Current Supply Opened in the Last Decade
In both cities, the Luxury and Premium segment has also shown remarkable dynamism, reflecting the growing interest of international brands in this segment, partly driven by the increase in high-spending tourists. Over the past decade, more than 30 new units opened on Avenida da Liberdade, almost evenly split between Luxury and Premium retailers, and more than 15 new brands opened in Porto, representing 40% of the current supply in this segment.
In Lisbon, the number of Luxury and Premium stores has grown steadily in recent years, attracting brands that previously had no presence in Portugal. Currently, the area occupied by these sectors in the city totals 32,100 sqm, across 120 stores, accounting for 10% of Lisbon’s total high street retail supply.
Avenida da Liberdade is the prime location for Luxury and Premium retailers, concentrating 89% of the city’s total supply in these segments. In Porto, Avenida dos Aliados now accounts for over 20% of the city’s total Luxury and Premium retail supply. The fashion sector has driven this growth, representing 44% of the new supply, followed by jewellery and watches, with 22% of the openings.
