Spain’s retail sector has started 2026 on a positive note, recording a 7.6% increase in footfall and a 7.1% rise in shopping centre sales during the first quarter. Performance was influenced by a calendar effect related to Easter, which this year fell across March and April, compared with 2025 when it was entirely concentrated in April. Over the last twelve months, visits have increased by 5.6%, with growth recorded across all regions, while sales have risen by 4.7%, underscoring the resilience of in-store consumer spending.
By segment, the strongest performance came from leisure, which grew by 33.1%, primarily driven by a significant rebound in the cinema sector (+76%), supported by a particularly attractive film lineup and a 65% increase in admissions. The fashion segment also performed strongly, posting growth of 9.2% across all subcategories, including traditionally more volatile categories such as lingerie, which recorded an increase of 6.6%.
The food & beverage (F&B) segment continued its positive trajectory, with sales up 7.7%, while the sports sector maintained its steady growth trend, advancing 2.3%.
Retail parks also delivered positive results, with sales increasing by 4%. Fashion once again outperformed the average (+6.1%), while the home and furnishings segment recorded more moderate growth (+2.7%) following its strong performance in previous years.
From an operational perspective, occupancy levels at shopping centres reached 95.5% of gross leasable area (GLA), representing an increase of 0.5 percentage points compared with the end of 2025.
Investment market
The retail investment market has started the year with strong momentum, surpassing €1.5 billion in transaction volume during the first quarter, marking the strongest start to a year in the last five years and representing a 60% increase compared with the same period in 2025.
The quarter was characterised by several landmark transactions, including the acquisition of Islazul Shopping Centre in Madrid for more than €300 million, strategic acquisitions by Castellana Properties, and the sale of San Miguel Market in Madrid.
Shopping centres and retail parks remained the main focus of investor interest, accounting for more than 75% of total retail investment during the quarter. Meanwhile, the High Street segment continued to attract activity, supported by sustained capital value growth in prime locations.
Rafael Mateu, Head of Retail Sector at Cushman & Wakefield, commented: "The start of 2026 confirms the strength of the retail sector, with growth in both footfall and sales reflecting resilient consumer spending and operators’ ability to adapt. The strong performance of segments such as leisure also highlights the increasingly important role of shopping centres as experience-led destinations."
Mateu added: "At the same time, investor appetite remains very strong, particularly for shopping centres and retail parks, supported by high occupancy levels and solid fundamentals, reinforcing retail’s position as one of the most attractive sectors in the real estate market."
In Spain, Cushman & Wakefield manages and/or leases 35 shopping centres and retail parks, comprising a total of 1.6 million sqm, generating 140 million annual visits and €1.5 billion in retail sales.
