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Shopping centre footfall and sales grow in the first quarter of 2024

Jenny Pizarro • 08/05/2024
Footfall and sales at Cushman & Wakefield's managed shopping centres continue to grow. Footfall increased by 5.4% in the first quarter of 2024 and sales by 5.9% compared to the first quarter of the previous year, demonstrating the vitality and attractiveness of the sector. On the sales front, March showed a clear positive trend and outperformed all sales results of the last 12 months, with a 10.9% growth compared to the same period last year.

Rafael Mateu, International Partner, Head of Asset Services & Retail Sector at Cushman & Wakefield said: "The first quarter of 2024 has marked a positive trend in footfall and sales in the shopping centres managed by Cushman & Wakefield, showing a significant increase compared to the same period last year".

In terms of sectors, the data collected during the first quarter indicate that Fashion continues to be one of the most prominent segments, particularly influenced by the Adults & Mixed Clothing sub-sector, which recorded an increase of 4.4%. In this regard, it is worth noting that according to Cushman & Wakefield's European Retail Radar report, in Spain, the Fashion sector accounted for 24% of the leasing operations carried out in the retail sector during 2023.

Sales growth in Cushman & Wakefield's managed shopping centres has also been reflected in other sectors, such as Food & Beverage, which showed growth of 8.6% over Q1 2023, led by the Fast Food sub-sectors, which increased by 7.7%, and Casual Dining, which recorded an increase of 8.7% - both segments demonstrating exceptional performance, particularly in the month of March. However, it is worth noting that this positive performance has been boosted by a favourable calendar, as the first quarter of this year had an extra day in February due to the leap year and Easter fell in March, unlike last year's April.

Sales in the Health & Beauty sector also recorded good growth - in this case of 8.3%. On the other hand, solid growth in the Services sector (+9.1%), especially driven by travel agencies and pet shops, could suggest a gradual recovery in discretionary spending and consumer behaviour.

The Leisure sector also showed a strong recovery in the first quarter of this year, with sales up 2.4%. Of particular note was the Cinema segment in March, where admissions were up 29% year-on-year and sales were up 43%, largely driven by the release of major blockbusters, underlining an exceptionally strong March compared to March 2023. The Electronics sector also experienced growth of 7.7%, driven mainly by the increase in Electronics (+9.5%).

On the other hand, occupancy remained robust at 95% across the portfolio of shopping centres under Cushman & Wakefield's management, underlining the continued attractiveness of these spaces to retailers and consumers.

In Spain, Cushman & Wakefield manages and/or markets 35 shopping centres and retail parks with a total surface area of 1.6 million square metres, with an annual footfall of 140 million visits and a turnover of €1,000 million. During the last 12 months, these spaces have generated a turnover in excess of €1,400,000,000,000, reaffirming the success and the strategy of diversification and enrichment of the offer.

Among these shopping centres and parks under the management of Cushman & Wakefield, the Islazul, Parque Corredor, Parque Principado and El Faro shopping centres stand out.


Marta Esclapes
Marta Esclapés

Head of Research Iberia • Barcelona


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