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