Spanish commercial centers and parks have solidified their position as an attractive sector for investors and consumers in 2024. Data released by the Spanish Association of Commercial Centers and Parks (AECC) shows that the 587 commercial centers and parks in Spain achieved sales of 55,474 million euros, representing a 5.9% increase from the previous year. Moreover, these centers saw 1,907 million visits, which is a 3.2% increase from 2023. This growth mirrors the expansion of the Spanish economy, which saw a 3.2% increase in 2024, outpacing the European context.
In terms of investment, 2024 witnessed 40 transactions totaling over 1.7 billion euros, an 87% increase from 2023’s total valuation. Notably, reforms and extensions accounted for over 650,000 square meters in 15 centers, with the significant expansion of 17,000 square meters in La Jonquera being a highlight.
Sales for Activities
2024 was a remarkably positive year for sales in Spanish commercial centers and parks, maintaining the growth trajectory seen in previous years. The fashion and accessories segment saw the most significant increase in sales, with a 6.2% rise compared to 2023. Home equipment and restoration followed closely, with increases of 5.8% and 5.7%, respectively. Another standout factor is the growth of the average sale per visit, which has been on a positive trajectory since 2021 and increased by 2.6% in 2024 compared to 2023.
Economic Engine
Job creation remains a crucial indicator of the industry’s health, with 886,000 jobs generated in 2024, representing a nearly 2% growth from the previous year. The sector continues to be a key driver of the country’s economy, contributing 15,343 million euros to Spanish GDP in 2024. This represents 9% of the services sector’s GDP and 1% of the total GDP. As of 2024, Spain had 587 commercial centers and parks in operation, covering a total of 16.9 million square meters. The year also saw the opening of five new projects, adding over 45,000 square meters of new retail space.
Future Projects and Reforms
Looking ahead, the sector’s vitality is underscored by planned projects. Over the next three years, 43 new projects are slated, comprising 35 commercial parks and eight shopping centers, which will add over one million square meters of new retail space. Most of these projects are located in Andalusia and Madrid, though other regions such as Galicia, Catalonia, and the Valencian Community also have projects in the pipeline. In terms of reforms and extensions, 15 commercial centers and parks expanded or renovated their spaces in 2024, resulting in a renewal or expansion of 658,168 square meters.
Eduardo Ceballos, President of the Spanish Association of Commercial Centers and Parks, noted, “We are at a very positive moment for the sector, with consumers continuing to respond to the offerings of shopping centers and investors regaining their appetite for a segment that consistently demonstrates its relevance to the national economy and the good health of its fundamentals. From the association, we thank all the workers, operators, and agents in this industry for their dedication and commitment to innovation and development, as well as their contribution to the evolution of shopping centers into experience spaces.”