The study positions Madrid's Gran Vía as the second European shopping street with the highest influx of visitors.
Gran Vía, one of the largest commercial arteries in the Spanish capital, has increased its influx by 26% in one year. Madrid's main shopping street is only behind Amsterdam's Kalverstraat, which has increased by 30% over the previous year. Behind Madrid , is the Avenue of the Champs Elysées in Paris, with an increase of 15% in influx over the previous year, and Vittorio Emanuele II of Milan, which has increased the number of visitors by 6%.
The rents of Gran V have also experienced a high growth, reaching in the first quarter of the year the 240 €/m2/month. Likewise, occupancy levels are around 95%, with average annualized rents of 2,830 euros / m2 / year.
Currently, brands such as Nike, Victoria's Secret and Scalpers are located in the prime area of Gran Vía and offer higher occupancy levels than in pre-pandemic times. Likewise, flagship stores show greater interest in this artery, among which brands such as Uniqlo, Primark, Zara or H & M stand out.
Robert Travers, International Partner, Head of EMEA Retail at Cushman & Wakefield points out that "Madrid's Gran Vía has reinforced its dominance as a key point of sale thanks to the best flagship stores, the wide range of leisure activities, and its tourist attraction". In this sense, Travers points out that "thecity of Madrid has been constantly investing in its brand, which has resulted in a general increase in footfall in its main shopping street, and an increase in visitors with high purchasing power".
The influx of visitors with a high purchasing power also increases in the main Spanish shopping streets. These include Passeig de Gràcia in Barcelona (34%), Gran Vía in Madrid (31%), Portal del Àngel in Barcelona (30%), Calle Tetuán in Seville (28%) and Calle Marqués de Larios in Malaga (19%).
According to Domènec Casellas, Head of Retail High Street at Cushman & Wakefield Spain, "Gran Via continues to benefit from the great increase in tourism in the country, specifically in Madrid, which has seen visitor numbers increase and exceed pre-pandemic levels". In this sense, the hotel sector expects occupancy rates above 90% by 2023.