Tag: visitor numbers

17 New Shopping Centres will Open in Spain over the Next 3 Years

22 February 2019 – Expansión

Shopping centres and retail parks are still fashionable despite the boom in online commerce. In this context, Spain is going to increase its retail surface area by 650,000 m2 over the next three years with the opening of 17 new centres by 2021. In addition, eight of the existing centres are going to be expanded to 267,250m2, according to data from the Spanish Association of Shopping Centres and Retail Parks (AECC).

These openings follow those completed in 2018 when 8 centres were opened spanning 233,700 m2 in total (…).

Spain currently has a gross leasable surface area of 16 million m2, spread over 563 shopping centres and retail parks, which generate 720,000 jobs, 46% of which are direct.

This growth in space is being accompanied by rising interest from investors in these types of assets.

Last year, transactions amounting to €2.2 billion were closed, just below the record of €2.7 billion recorded in 2017 (…).

In operational terms, sales at shopping centres and retail parks rose by 2.7% last year to €45.5 billion, whilst visitor numbers increased by 3.1% to 1.97 million. Sources at AECC forecast continued sales growth, albeit at a slower rate than in previous years due to a deceleration in domestic consumption (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

AECC: Sales At Spain’s Shopping Centres Rose By 3.6% In 2016

3 March 2017 – Mis Locales

The health of the Shopping Centre and Retail Park sector in Spain is still good. In 2016, sales rose by 3.6% compared to 2015, to reach €42,464 million. The market share held by Shopping Centres and Retail Parks over the Spanish retail sector as a whole remained stable at 17.8% and average sales per visit grew by 2.1% with respect to 2015.

It is estimated that 1,935 million visits were made to Shopping Centres and Retail Parks during 2016, up by 1.5% with respect to the previous year, according to data from the Spanish Association of Shopping Centres and Retail Parks (AECC).

Investment through transactions in Shopping Centres and Retail Parks amounted to €2,000 million in 2016, with 19 operations closed, involving domestic and international investors.

The importance of this sector within the country’s overall economy is also clear, thanks to the employment being generated. Six new shopping centres were opened in 2016, with the resulting creation of 4,500 new jobs.

There are currently 550 Shopping Centres and Retail Parks in Spain, with a combined GLA (Gross Leasable Area) of 15,595,800 m2, which are home to almost 33,500 shopkeepers. Between 2017 and 2019, 27 new projects are expected to be launched, including new centre openings and extensions, to create more than 1,300,000 m2 of new retail space.

For Javier Hortelano de la Lastra, the President of the Spanish Association of Shopping Centres and Retail Parks, the sector is the key to the consolidation of the Spanish economy “given that during 2016, it continued to grow not only in terms of sales but also in terms of visitor numbers and the creation of employment”. Hortelano also emphasised the high profile role that shopping centres and retail parks play in the real estate context of the country.

Original story: Mis Locales

Translation: Carmel Drake

Lar España’s Profits Soared By 77% To €47M In YTD Sept16

17 November 2016 – Expansión

Lar España generated a profit of €46.6 million during the first nine months of the year, which represents a 77% increase with respect to the same period last year, driven by the purchase of new assets, an increase in rental income and the affluence of its shopping centres.

The Socimi boosted its revenues from rental income by 80% between January and September, to €42.23 million, of which 90% was generated by its shopping centre portfolio, making Lar the third largest operator of this type of establishment in the country.

In fact, Lar España’s largest three tenants, by rental income, are Carrefour, which accounts for 7.78% of its total rental income, followed by Inditex (5.8%) and Media Markt (5.5%).

In terms of financing, at the end of September, Lar España recorded financial debt amounting to €455 million, meanwhile, on the other side of the balance sheet, its asset portfolio was worth around €1,201 million.

The fourteen shopping centres owned by the Socimi saw a 6.5% increase in visitor numbers during the first nine months of the year, well above the average in the sector (1.3%). Similarly, sales at Lar’s centres increased by 9.2%, compared with an average increase of 2.7% across all establishments.

Original story: Expansión

Translation: Carmel Drake