Retail, market data - Figures first quarter 2026 Spain

The retail market in Spain has started 2026 on a solid footing, maintaining the positive momentum from the previous year. Activity is supported by stable fundamentals, in a context where consumer spending trends and the strength of international tourism continue to serve as the main drivers of demand.

 

High Street: High Demand and Shortage of Available Space

 

Prime retail corridors continue to show high activity during the first quarter of the year. Leasing activity has seen significant growth compared to the same period last year, driven by sustained interest from retailers, especially in prime locations.

 

Availability remains at very low levels, reflecting the limited supply in the market: around 2% in Madrid and close to 3% in Barcelona. This shortage of space, coupled with active demand, continues to put pressure on the market, although prime rents remain stable at the start of the year—around €245/m²/month in Madrid and €235/m²/month in Barcelona—following the increases recorded in 2025.

 

By operator type, fashion leads leasing activity, followed by specialty retail, with notable dynamism in segments such as optical, beauty, and perfumery.

 

Shopping Centers: Operational Improvement and Growth in Foot Traffic

 

Shopping centers have continued the positive trend observed in recent years, with increases in both sales and foot traffic during the first quarter. Leisure stands out as the main driver of growth, with categories such as movie theaters and gyms making a decisive contribution to the recovery in foot traffic.

 

Strong operational performance translates into an average occupancy rate of 94.5%, surpassing recent historical levels. However, demand remains selective, concentrated on anchor tenants and those who have prioritized tenant mix renewal and enhancing the customer experience.

 

In terms of retail activity, fashion remains the main driver of expansion, followed by restaurants and accessories. Meanwhile, prime rents remain stable at around €50/sq. m/month, with prospects for slight variations depending on the evolution of the economic environment.

 

Investment: strong start to the year and high investor confidence

 

Retail investment volume has seen notable growth during the first quarter, reaching levels not seen since 2015. This momentum reflects investor confidence in the sector, supported by operational improvements in assets and the stabilization of yields.

 

By segment, shopping centers clearly lead investment activity, followed by retail parks, whose share of the market has increased significantly. High Street properties, while still attracting interest—especially from private investors—are seeing a more moderate pace of transactions.

 

In terms of returns, a stabilization trend is observed on the High Street, while shopping centers continue to see yields trending downward, in line with improved investor appetite.

 

Looking ahead to the coming months, the retail market’s performance will remain influenced by macroeconomic and geopolitical factors. However, strong tourism, stabilizing consumer spending, and investor interest continue to create a favorable environment, particularly for higher-quality assets and locations.