American Vintage, Dr. Martens, Swatch, Hublot, Guimaguas, Ecoalf, Natura, Panerai and Arket are some of the brands that have recently opted to set up shop on Barcelona's Paseo de Gràcia. Some have already opened their stores and others are preparing to land on the emblematic avenue which, one more year, consolidates its position at the top of the podium of Spain's most expensive shopping streets.
According to the consultancy firm Cushman & Wakefield, Paseo de Gràcia, which this year celebrates its 200th anniversary, reached a rent of 3,000 euros per square meter per year in 2023, a figure that represents a 9% growth compared to last year and allows it to climb one position in the global ranking of streets most desired by big brands.
Specifically, Paseo de Gràcia has moved from position 18 to 17 in the Main Streets Across The World report prepared by Cushman & Wakefield. One more year, this ranking is led by New York's Fifth Avenue, where rents reach 20,384 euros/m2/year, followed by Italy's Montenapoleone, in Milan, which has reached 18,000 euros/m2/year after revaluing by 20%. This Milanese street has snatched the second position from the luxurious Tsim Sha in Hong Kong, with 15,219 euros/m2/year. The global top 5 is completed by New Bond (London) and Champs Elysees (Paris), with rents of 14,905 and 11,414 euros/m2/year, respectively.
In Spain, the main shopping streets have increased rental prices by an average of 9%, a figure that is well above the average of global prime rents (+4.8%) and Europe (+4.2%). Behind Paseo de Gràcia, the second most expensive Spanish shopping street is Serrano, in Madrid, with rents of 2,940 euros/m2/year, also with a 9% increase and in position number 33 of the world ranking.
In third position is again a Barcelona street, Portal de l'Àngel (2,880 euros/m2/year), followed by Preciados and Gran Vía, in Madrid. Marqués de Larios (Málaga), Colón (Valencia), Gran Vía (Bilbao), Tetuán (Seville), Jaime III (Mallorca) and Plaza de la Independencia (Zaragoza) are other of the main Spanish shopping streets.
"Vacancy in prime super prime locations remains scarce, which creates competitive tension when spaces become available, and this is reflected in rising rents," explains Robert Travers, Head of Retail at Cushman & Wakefield in the EMEA region. "Even as consumers have opted to cut back on spending in a time of economic uncertainty, retailers have been securing or upgrading flagship stores in key markets," he adds. In the expert's opinion, physical stores "are a fundamental part of any brand's value proposition; they are the physical materialization of the brand, something that is very difficult to achieve through the digital channel. It is for this reason that we increasingly find more products available exclusively in physical stores, thus promoting authentic and real experiences."