Wednesday, 22 November 2023, 19:51
Calle Marqués de Larios in Malaga city is the seventh most expensive shopping street in Spain, with average annual rents of 2,160 euros per square metre. Ahead is Barcelona's Passeig de Gràcia, which is the most expensive in the country, according to data from the global report ‘Main Streets Across the World’ by real estate consultancy Cushman & Wakefield.
Rent in the Catalan capital is paid at the annual rate of 3,000 euros per square metre, a figure that is 9% higher than last year. Passeig de Gràcia boasts luxury firms such as Dior, Versace, Loewe, and Prada, among others.
The second most expensive commercial street in Spain is in Madrid and it is Calle Serrano, with rents of 2,940 euros per square metre per year, which is 9% higher than last year and which places it in the thirty-third position of the most expensive European streets for commercial rents. According to the Cushman & Wakefield study, the momentum of large luxury firms has contributed to the rental rises.
The third most expensive street in Spain is also in Barcelona: it is Portal de l'Àngel, and costs 2,880 euros per square metre to rent on an annual basis.
Robert Travers, director of retail in the European region of Cushman & Wakefield, said that the sector is in a moment of growth. “Unemployment in the main super prime locations is still low, which generates competitive tension when available spaces appear, and this is reflected in the increase in incomes,” he said. Travers added that “even when consumers have chosen to cut costs in a time of economic uncertainty, retailers have been securing or improving flagship stores in key markets”.
Travers said that physical stores will continue to compete with the online market. He said high-street stores “are a fundamental part of the value proposition of any brand; they are the physical materialisation of the brand, something that is very difficult to achieve through the digital channel. We find more and more products available exclusively in physical stores, thus promoting authentic and real experiences”.
Globally, New York's Fifth Avenue is the most expensive shopping street in the world, with rents of 20,384 euros per square metre per year. The second is the Italian Via Montenapoleone, in Milan, after a 20% increase in its rental income, to 18,000 euros per square metre on an annual basis, unseating the luxurious Tsim Sha of Hong Kong, which is in third position. The top five is completed by London's New Bond Street (14,905 euros per square metre per year) and the Champs Elysees in Paris (11,414 euros per square metre per year).
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