GRAN VÍA, THE SPANISH BROADWAY. THE SECOND MOST VISITED STREET IN EUROPE
The local component is key to the dynamics of the so-called "footfall". Here is a summary of the reasons why Gran Vía stands out among the Top 3 in the study
- Investment in the Madrid brand has translated into an overall increase in visitors and their purchasing power, surpassing pre-pandemic levels. Gran Vía tops the list of key commercial hubs, it has it all: the best retail offer, tourism and a great leisure offer.
- An average of 1,923,000 people walk along Gran Vía every month. In the last twelve months it has experienced a 26% increase in footfall, placing it in second position in the European ranking, only behind Kalverstraat (Amsterdam).
- The vacancy rate of commercial premises in Gran Vía is below the pre-pandemic rate, with only 2 premises available in the prime area, where brands such as Nike, Victoria's Secret and Scalpers, among others, are located.
- Gran Via is the preferred location for flagship brands, being on Gran Via is key, brands such as Uniqlo, Primark, Zara and H&M compete with each other to attract the public.
- Hotel occupancy rates are expected to exceed 90% by 2023 in the area.
The Mytraffic index shows that high street footfall levels in Europe vary greatly, ranging from +70% to -45% over the last 12 months. However, 60% of Europe's main streets have seen increases in footfall.
Trends we are witnessing on the European High Street
- The arrival of new sports brands, whose popularity continues to grow.
- A restructuring of the fashion sector, which is changing along with the evolution of brands' own commercial strategies.
- Strong demand from luxury brands that are reconfiguring and expanding their shops.
Key learnings include:
- Pedestrians are returning faster than expected;
- The major retailers are demonstrating their power of attraction;
- Prices are stabilizing and commercial vacancy is decreasing;
- Economic operators are taking hold of the city's issues.
Why this comparative analysis of pedestrian flows in Europe?
After two years of pandemic, the rise of home office and the growth of e-commerce, the evolution of the streets that concentrate the most visitors and attract the highest rental rates is particularly watched by the market, as it reveals the transformations to come.
The European High Street Ranking compares the dynamics of the prime streets in 7 European capitals (London, Berlin, Madrid, Rome, Brussels, Amsterdam, Paris) based on a single metric: the increase in pedestrian traffic over the past 12 months. Cushman & Wakefield Retail's experts in each country analyse the reaction of the Commercial Real Estate market: price trends, retailer and landlord behaviour.