The Spanish retail sector closed 2025 with investment reaching €2.48 billion, a 22% increase compared to the previous year, in a context marked by a favourable macroeconomic environment and strong tourism performance. According to Cushman & Wakefield data, shopping centres and retail parks accounted for 70% of total investment volume, consolidating their position as the most dynamic asset class in the retail market.
From an operational perspective, sales in shopping centres ended the year with cumulative growth of 3%, while visitor footfall increased by 3.3% year-on-year, confirming the strength of physical retail consumption and operators’ ability to adapt.
By category, health and beauty once again stood out as the best-performing segment, with cumulative growth of 4.3%, followed by Food & Beverage, which recorded an increase of 3.8%, driven in particular by the fast-casual format (+6.3%), led by Asian cuisine (+9.7%). Fashion completes the podium, maintaining positive performance throughout the year with growth of 3.7%. Electronics and household appliances, for their part, closed the year with growth of 1.8%, confirming stable performance within the retail mix.
High Street: limited supply and upward pressure on rents
On High Street locations, leasing activity remained high, with availability at a historic low of 2.7%, below 2024 levels. Prime rents increased by 6% year-on-year, reaching €275/sqm/month in Madrid and €285/sqm/month in Barcelona, driven by the limited availability of space in prime and super-prime locations.
Economic backdrop and tourism as drivers of retail
These figures come against a positive macroeconomic backdrop. Spain’s economy closed 2025 with GDP growth of close to 2.9%, supported by strong domestic demand. Household savings rates remained high, at around 12%–12.8%, enabling greater momentum in consumer spending.
Tourism once again proved to be a key driver for retail. Spain welcomed close to 97 million international visitors in 2025, up 3.5% year-on-year, with tourist spending increasing by 6.8%. This particularly boosted activity on prime shopping streets and in leading tourist destinations. Looking ahead to 2026, the retail sector enters the new year from a position of strength, with a model increasingly focused on operational efficiency, omnichannel strategies and adaptation to evolving consumer demands.
According to Rafael Mateu, International Partner and Head of Asset Services Spain at Cushman & Wakefield, “the retail sector is experiencing a period of very high activity, supported by strong consumer performance, resilient operators and growing investor interest. This context continues to position retail as an attractive segment in terms of returns and capital inflows.” Mateu adds that “this environment is reflected in a particularly positive year for Cushman & Wakefield, which closed 2025 with a historic record in retail revenue, demonstrating an exceptional year across all asset classes and the market’s confidence in our value proposition.”
In Spain, Cushman & Wakefield manages and/or markets 35 shopping centres and retail parks with a total surface area of 1.6 million square metres, annual footfall of 140 million visits and total sales of €1.5 billion. These assets operate with an average occupancy rate of 95%.
