Tag: Etam

Massimo Dutti Vacates its Store on Rambla Catalunya 60 (Barcelona)

12 July 2018 – Eje Prime

A new commercial space is available for rent in the centre of Barcelona. Massimo Dutti, one of the chains in the Inditex group, closed the doors to its establishment at number 60 Rambla Catalunya, on the corner with c/Aragón on Tuesday. The Coma-Cros family, which owns the building that is home to the store, has put the property on the market.

According to sources at the chain, the closure of the Massimo Dutti store forms part of the Galician group’s current process to reorganise its network of shops; it is focusing on getting rid of small stores in favour of larger establishments. Massimo Dutti already has another store on the corner of Gran Vía and Rambla Catalunya and another one on Paseo de Gracia, the latter in the former premises of Vinçon.

The building at number 60 Rambla Catalunya is owned by the Coma-Cros family and proceeds from a saga relating to the textile sector, whose company, based in Salt (Girona) shut down in 1999 after 149 years of operation.

According to explanations from sources in the real estate sector speaking to Eje Prime, the premises occupied by Massimo Dutto until now has been put on the market. The asset has a surface area of around 1,065 m2 and its neighbours include Tezenis and Rituals.

The Coma-Cros family channels its investment activity in the real estate sector through the company Fisa 74, which it manages through Fisa Rentals. The company owns residential assets for rent in Barcelona, on Calles Aribau, Bailén, Les Corts, Rambla Catalunya and Gran Vía.

Rambla Catalunya has become one of the most sought-after streets in Barcelona for retail operators. According to data from the consultancy firm CBRE, in 2017, the street accounted for 30% of the prime high street rental operations in Barcelona. Avenida Diagonal, meanwhile, accounted for 25%, followed by Paseo de Gracia with 22%, Portaferrissa with 13%, Pelayo with 7%, and Portal de l’Àngel with 3%.

Since 2014, around fifty operations have been closed on Rambla Catalunya, which has led to the modernisation of the offer on the street. In 2017, operators such as Etam, CKS, Lily and Pangea arrived, amongst others.

According to sources in the sector, the speed at which a new tenant for the asset is found will depend on the price set by the owners, given that price is proving to be the main stumbling block in the negotiations currently underway in Barcelona. According to CBRE, rents for stores measuring between 800 m2 and 1,500 m2 on Rambla Catalunya amount to around €30/m2/month.

Original story: Eje Prime (by P. Riaño)

Translation: Carmel Drake

Portal del l’Ángel is Still Spain’s Most Expensive High Street: €280/m2/month

19 February 2018 – Eje Prime

The retail sector strengthened its market during 2017. During the second half of the year, it saw growth in the demand for rental properties of 14%, whilst the number of premises for sale rose by 9%. Of all of the high streets across the land, Portal de l’Ángel in Barcelona retained its position as the most expensive in Spain, with an average rent of €280/m2/month, ahead of the Madrilenian street Calle Preciados, where the average price of a retail premise stands at €270/m2/month.

Last year, €4 billion was invested in the Spanish retail sector, in contrast to the crisis that the same market is currently experiencing in the USA. The reasons for the growth in Spain include, amongst other aspects, the strong economic outlook, the boom in commercial tourism and the dynamism of retail trade, according to a report from the real estate consultancy firm Forcadell.

The upward trend, which has now seen two years of increases, is encouraging demand for retail assets. Nevertheless, in cities such as Barcelona, the supply of premises for rent remains at very low levels, above all on the first and second line, which has led to a reactivation of the third line, according to the report.

This lack of commercial space has resulted in a scarcity of prime assets in the Catalan capital. Some companies have already chosen to move to less central locations or to opt for other formats to invest in retail.

Between June and December, the restaurant sector was the segment that grew by the most in the commercial sector in Barcelona, followed by the fashion operator segment, which increased its commitment to flagship stores and showrooms, and the food retail market, which is immersed in a process of positioning itself close to its customers. The profile of investors in retail in the city are Socimis and foreign investment funds.

Investments in Barcelona  

One of the most noteworthy operations closed during the second half of 2017 in Barcelona saw the opening of Uniqlo’s flagship store on Passeig de Gràcia, the Japanese firm’s first store in Barcelona, which spans a surface area of 1,800 m2.

On the same street, Adolfo Domínguez is also going to open a mega-store measuring 682 m2, whilst nearby, on Rambla de Catalunya, the French lingerie brand Etam has inaugurated a store measuring 500 m2. Finally, Leroy Merlin is finalising the opening of an establishment measuring 2,450 m2 on Calle Fontanella, near Plaça de Catalunya, scheduled for before the spring.

Original story: Eje Prime

Translation: Carmel Drake