Luxury increases its commitment to the Spanish high street: up to 13 new shops by 2023

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Agosto 01, 2024

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Real Estate

Hermès, Harmont&Blaine and Moncler are some of the luxury operators that have increased their presence in Spain, with new shops in the main shopping streets of Madrid and Barcelona.    

International luxury accelerates on the high street in Madrid and Barcelona. Moncler, Hermès and Harmont&Blaine are some of the luxury operators that have opted for Spain to continue their retail expansion. During the last year, up to thirteen establishments were opened in the main shopping streets of Madrid and Barcelona, according to the latest European Luxury Retail 2024 report prepared by the consultancy firm Cushman & Wakefield.
 
Madrid's Ortega y Gasset thoroughfare accounted for most of the new shops, with seven luxury outlets opening during the period, including outlets from fashion operators such as Moncler and Harmont&Blaine, as well as companies from other sectors.
 
"Madrid will have another upward year, with retailers such as Balenciaga and Fendi opening new shops," the consultancy explains in the report. According to the data provided in the study, it is expected that in the coming years international luxury will continue its commitment to Spain, with new shops also in other enclaves.
 
For its part, the Catalan thoroughfare with the greatest growth in luxury stores was Paseo de Gracia, where up to six new shops opened in the last year. In the fashion sector, Hermès was one of the operators that opted for the street, with a store located at number 81 of the shopping street, occupying a space of 1,300 square metres divided into two floors.

Ortega y Gasset concentrated most of the openings of luxury operators with eleven openings in the period.

Luxury fashion will continue to open in Barcelona during the current financial year. The company specialising in luxury jewellery, Patek Philppe, will open a new establishment on Paseo de Gracia, in a shop with 640 square metres of floor space, located at the intersection with the shopping street Diagonal.

At the end of 2023, Paseo de Gracia had 2% of its retail space available, while Madrid's Serrano and Ortega y Gasset had 3% available. "This creates challenges for retailers seeking opportunities on the country's most prestigious streets," the report reads.

As a whole, operators will earn 7.1 billion euros in the country in 2023, 5% more than in the previous fiscal year, according to GlobalData data on which the consultancy firm has based its report.
 
The consultancy firm also highlights the pull of tourism in both cities as one of the key factors in understanding the commitment of luxury operators to Spain. In 2023, 75,800 million travellers were recorded, 16% more than in the previous year.

Hermés opened a new shop in Barcelona in 2023, located at number 81 on the shopping street.

On a European scale, the consultancy says that luxury is in good shape following the "normalisation" of pandemic restrictions. The consultancy forecasts an annual increase of 5% until 2028, with France, the United Kingdom and Italy being the countries with the highest growth in 2024. The report highlights that Germany, Switzerland, Portugal, Sweden, Ireland and Belgium will also remain "strong".
 
"Within luxury, the fashion and footwear category is expected to post the strongest growth," the consultancy says. On the other hand, jewellery and watches will be the segment that will grow "above average", although it does not break down the specific percentage of growth.