Spain’s retail real estate sector continues its strong momentum, with shopping centres and retail parks reporting a 4.8% sales increase in the third quarter of 2025, according to the latest Sector Observatory report from PwC and Apresco. This marks the 17th consecutive quarter of sector growth, pushing the cumulative sales increase to 4.2% so far this year.
Key Retail Categories Drive Growth
Home, DIY, and Electronics led the charge, posting a robust 7.1% sales jump in the quarter, while Fashion and Accessories saw a 4.7% increase. Leisure and Entertainment also performed well, up 2.2% for both the quarter and the year, now standing 1% above pre-pandemic levels. Restaurants experienced a 1.9% quarterly rise and a 2.3% yearly gain, reflecting the ongoing recovery in consumer spending.
Retail Parks Outperform Other Assets
All retail property types reported nearly 5% growth, but retail parks outperformed with a 7.8% cumulative increase. Medium and small shopping centres grew by 5%, while large and very large centres saw a 3.8% uptick.
Footfall and Occupancy Remain High
Shoppers returned to malls and retail parks in higher numbers, with footfall rising 1.9% from July to September and 2.2% over the year. The average occupancy rate hit an impressive 95.8%, reflecting strong tenant demand and maximum employment levels.
Sustainability on the Rise
Nearly half of Apresco companies’ shopping centres now have photovoltaic installations either operating or being installed, focusing on self-consumption for shared areas. However, broader adoption of collective self-consumption faces obstacles like grid capacity limitations, lack of incentives, and regulatory challenges.
Outlook Remains Positive
Spain’s retail real estate sector demonstrates enduring resilience and sustained growth, driven by strong consumer demand and continued investment in sustainability. As shopping centres and retail parks embrace innovation, they remain a centerpiece of Spanish commerce in 2025.
