Market in Minutes High Street Retail Málaga - October 2018 Savills Research
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Savills Research
Market in Minutes
High Street Retail Málaga October 2018
savills-aguirrenewman.es/research
savills.co.uk/research
Market in Minutes | High Street Retail Málaga October 2018
GRAPH 1
Economic Overview such as bank branches, recorded some changes with respect premises. Despite this, however, the
The Spanish economy grew by 2.7%
Main Economic Indicators administrative agencies and to last year, either because of the vacancy rate remains high in this
in Q2 2018 compared to the same insurance firms. entry of a new brand or due to the area.
quarter of last year (according to the Household consumption Employment CPI • FOOD AND BEVERAGE: closing of some establishments.
latest data published by INE). This Cafeterias and premises Rents
6%
confirms the adjustment based on allocated for restaurant In prime and commercial areas, The high level of occupancy in the
the forecast made by national and 4% activities. there has also been some significant main prime areas of the city has
Annual growth
international public agencies and • GROCERY: Premises activity with changes in the tenancy generated an expansionary effect in
2%
several financial institutions. Year- designated for food purchase situation of more than 10% of the rents in its immediate surrounding
end forecast would stand at 2.7% -1% (supermarkets, bakeries, green stock in both cases. . vicinity. Commercial zones such
(according to Focus Economics), groceries, etc.). as Nueva-Martínez and Granada,
-3%
four tenths below the 2017 figures. • HOUSE EQUIPMENT: Vacancy especially the initial stretch of the
The slowdown in economic growth -5% Premises dedicated to the The prime area has reached 100% latter, register the highest rents after
will continue during the next five -7% sale of furniture, kitchens and occupancy during the last few the prime area.
years, with an average close to 2%. decoration. months. The fashion and accessories
-9% • VARIOUS: Premises dedicated sector is highly present in this zone, The Alameda - Soho area
Q1 03
Q1 04
Q1 05
Q1 06
Q1 07
Q1 08
Q1 09
Q1 10
Q1 11
Q1 12
Q1 13
Q1 14
Q1 15
Q1 16
Q1 17
On the other hand, the labour to all different kind of activities occupying the few vacant premises
GRAPH 2
market continues to trend that do not fit in any of the that remain available.
upwards. During the second Source: INE above. Example: bookshop, As it has become commonplace in Changes by Zones 2016-2017
quarter, the Spanish EPA posted tobacco stores, home recent years, the availability of retail
an unemployment rate of 15.28%, places: The activity sectors in which this accessories. premises is mainly concentrated in 14%
registering a decline of 19 • HIGH STREET or PRIME: study has been divided are the commercial and secondary areas. 12%
onsecutive quarters. The forecasts This area is comprised of two following: Changes and demand 10%
are optimistic and foresee a steady streets: Calle Larios and Plaza • FASHION AND ACCESSORIES: The demand for retail premises In these hubs, it is worth noting the 8%
reduction until 2022, with a rate of de la Constitución. Premises dedicated to the sale in the most commercial areas of high activity level of dental clinics 6%
12%. • COMMERCIAL HUBS: Area of clothes and accessories Málaga remains very high. During and real estate franchises that 4%
adjacent to the prime area (fashion jewelry, leather goods, the analysed period, 13.9% of a became prominent last year in these 2%
Málaga, with a growth above (Nueva-Martínez and Calle footwear, etc.). total of 1,467 premises that have areas. 0%
the Andalusian average and a Granada), Soho, the immediate • SERVICES: Premises dedicated been studied have registered some
Commercial Center
Secundary Zone
Prime Zone
Inglés-Larios Zone
Commercial Soho
Commercial Corte
disposable income at average surrounding zone of El Corte to the sale of different types changes. Among the secondary areas, it
Spanish levels, has a GDP per Inglés and Larios Shopping of services (dry cleaners, is important to note the Teatinos
Zone
Zone
capita that is evolving positively. Centre. hairdressers, pharmacies, The secondary areas showed a area with a very low occupancy
• SECONDARY AREAS: Zone of clinics, etc.). higher rotation of brands, highlighting rate compared to other streets.
Málaga has a population greater Teatinos and Héroe de Sostoa- • BANKS & INSURANCE the zone adjacent to El Corte Inglés Developers and real estate agents,
than half a million inhabitants, Velázquez. COMPANIES: They provide – Larios Shopping Centre. In these driven by the residential boom in the
7.41% of them foreigners. Málaga financial services to clients areas, 15% of the retail premises area, have been very active in letting Source: Savills Aguirre Newman
is the second city in number of
inhabitants of Andalusia and the first MAP 1 GRAPH 3 GRAPH 4
one in number of foreigners. Distribution of Commercial Areas Comparative of Rents by Zones Vacancy by Zones 2017
The city has received more than 1 Average Rents 2016 Average Rents 2017 20%
six million tourists until October 2
2018 (according to Junta de 5 15%
140
€/sq m/month
Andalucía data). The province of
Málaga reached a GDP over than 3 105 10%
33 millions, the second andalusian
70 5%
province in relative growth and
with the lowest unemployment rate 35
4 0%
during the last year in Andalusia. 0
Commercial Center
Secundary Zone
Prime Zone
Inglés-Larios Zone
Commercial Soho
Commercial Corte
Alameda-Soho
Corte Inglés-
Secundary Zone
Prime Zone
Granada Zone
Nueva-Martínez
Larios Zone
Distribution of 1| Old Town
Zone
2| Corte Inglés area
Zone
Commercial Areas
Zone
PRIME
Zone
3| C.C. Larios area
The most commercial areas of the 4| Velázquez-Sostoa area
city have been classified into three 5| Teatinos area
retail hubs depending on the type
of consumer who frequents these
Source: Savills Aguirre Newman Source: Savills Aguirre Newman Source: Savills Aguirre Newman
02 savills-aguirrenewman.com/research 03
Market in Minutes | High Street Retail Málaga October 2018
GRAPH 5
recorded once again an increase
Evolution of Rents in the Prime Area
in rent boosted by the process of
transformation and improvements Prime area "The high street area of Málaga is one
undertaken in the area in recent 165
Target of the main national and
of the main markets where international
years.
160 international retailers brands and retailers focus their attention
The future projection of a boulevard in Spain. Calle Larios will continue to be
with wide pavements and an 155 The Málaga prime area is comprised of Calle the main street in the city and one of the
€/sq m/month
ambitious regeneration plan, will
transform it into one of the main
Marqués de Larios and Plaza de la Constitución.
most important in Spain." José Félix Pérez-Peña,
150
commercial streets of the city. This is the most sought-after area by both national General Manager Andalucía Office
Current competitive rents and a and international retailers. The latter has placed
145
promising future, heighten retailers´ their main interest in these streets to open their
interest in this boulevard. flagship stores. Fashion and accessory retailers
140 such as Victoria´s Secret, Tezenis and Pandora
The secondary areas of the city post have highly rated the high stakes played by
the most discrete rental levels and 135 international firms in positioning their brands in this
the highest vacancy rates. Those 2014 2015 2016 2017 hub.
areas where availability of shops Source: Savills Aguirre Newman
throughout the year has increased Fashion is the dominant sector in the main
registering a moderate rental in the main cities and a higher commercial area of the city. This sector represents
adjustment. yield than in Madrid and Barcelona The investor in the real estate 33 of the 69 premises in the prime area of the city.
are the main factors that attract commercial sector of Málaga The main retailers that have recently opened shops
Size of premises investors who have put Málaga on focuses mainly on the high street in this area belong to this sector.
The most common sized shops their radar. retail market, particularly in the
involve spaces ofMarket in Minutes | High Street Retail Málaga
TABLE 1
New Brands in the Prime Area 2016-2017 Outlook
2018
■ The interest generated by the prime area in terms
of demand, along with the few available shops will
continue to push up prices both in this zone and in
nearby areas.
■ The vacancy rate will continue to be low in this
prime area, a trend which will extend to secondary
areas.
■ The confidence of the retailers in the city and their
reinvention process reinforce commercial stability
so that the process of new firm arrivals will continue.
After Madrid and Barcelona, Málaga is one of the key
places in the entry of new brands.
■ Málaga has become a focal point in the high street
investment sector, with yields in the region of 5%,
although in specific cases, levels below 4% have
been recorded.
Savills Aguirre Newman Team
For futher information please contact
Equipo Savills
José Félix Pérez-Peña Juan Pedro Hernández María Paz de la Torre
General Manager Andalucía Office Retail Agency Andalucía Retail Agency Andalucía
Para más información contacte con:
+34 95 206 27 82 +34 95 206 27 82 +34 95 206 27 82
jose.perez-pena@savills-aguirrenewman.es juanpedro.hernandez@savills-aguirrenewman.es mariapaz.delatorre@savills-aguirrenewman.es
Aranzazu García Gema de la Fuente Pelayo Barroso
Retail-Offices Agency Andalucía Research Research
+34 95 206 27 82 +34 91 319 13 14 +34 91 319 13 14
aranzazu.garcia@savills-aguirrenewman.es gema.fuente@savills-aguirrenewman.es pelayo.barroso@savills-aguirrenewman.es
Savills plc
Savills is a leading global real estate service provider listed on the London Stock Exchange. The company, established in 1855, has a rich heritage with unrivalled growth. It is a company
that leads rather than follows, and now has over 600 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East.
This bulletin is for general informative purposes only. Savills accepts no liability whatsover for any direct or consequential loss arising from its use. It is strictly copyright and reproduction
of the whole or part of it in any form is prohibited without permission from Savills Research. © Savills Commercial Ltd
06You can also read
