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Key Features of the RETAIL Sector in Spain

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Key Features of the RETAIL Sector in Spain Key features of the RETAIL sector in Spain ANNUAL REPORT 2016-2017 Contents Introduction 4 01 02 03 04 05 06 Economic The Digital Transformation Retailers High Street Main Shopping Shopping Centre Investment Backdrop in the Retail sector Centre Indicators and Development 6 10 22 32 54 60 E-Commerce 12 Fashion 23 Madrid 33 Investment in Europe 61 In-store digitalisation 16 Speciality Retail and Barcelona 39 Shopping Centre and Digital tools: Shopping Accessories 27 Other cities 42 Retail Park 62 Centres 18 Cosmetics and Beauty 28 High Street Investment 48 Shopping Centre Digital tools: High Street 20 Luxury & Premium 29 Development and Renovation of Stock 68 Food & Beverage 30 The Shopping Centre of tomorrow 71 Contents 3 Introduction Two key trends are shaping the retail sector. Firstly, sustained High Street economic growth is driving retail sales and attracting new Demand for high street units remains strong, although there are less opportunities for growth in prime areas following the frenetic activity in recent years. This is international brands to Spain, and secondly the digital evident from the slightly reduced number of lettings and the expansion of some revolution is altering traditional retail concepts, forcing all high streets. The number of out-of-town retailers opening stores in the city centre players to either adapt to this new digital world or risk getting is also on the up. Retailers such as Kiabi, Media Markt, Leroy Merlin and IKEA are left behind. looking to counterbalance the e-commerce surge and increase their market share. The positive outlook is attracting many new international retailers to the Spanish market, with 2016 seeing almost 30 new international entrants debut in the country’s retail market. Digital transformation of the retail sector As the economy continues to grow, the digital revolution is gaining traction and Main shopping centre indicators technology is affecting evermore areas of the retail sector. E-commerce is becoming The shopping centre sector registered yet another solid year in 2016. In the an increasingly popular sales channel, accounting for €24,000 million every year portfolio of shopping centres that forms CBRE’s index, footfall climbed by Gonzalo Senra, and growing by more than 20% in recent years. However, it still only represents 2.5% and sales increased by 1.5% y-o-y. In addition, the average shopping National Director - 4% of total retail sales, which is considerably lower than levels seen in other centre occupancy rate rose to 93.5% in Q1 2017. Retail CBRE Spain countries and proof that there is significant growth potential for this segment. The improving backdrop for shopping centres can be seen in the results presented Consumers increasingly distinguish less between online and offline channels, and by owners, with net revenue growing thanks to higher rents and occupancy rates, their new habits are driving retailers to focus on both channels at the same time, as well as less temporary rental discounts and other non-recoverable expenses. thereby creating a new ‘phygital’ order. Bricks and mortar stores are consumer’s favourite shopping format, but it is increasingly difficult to draw people away from Shopping centre investment and development the comfort of their homes. Retailers are therefore opening large flagships stores The shopping centre investment market has been firing on all cylinders to entice people in. These are stores that are focused on the shopping experience, for the last three years, registering a record investment volume of €3,000 increasing the range of services on offer and installing new technology such as OSS, million last year, largely thanks to the Socimi Merlin Properties’ acquisition of Locatus and Geoblink, the latter also allowing them to personalise their marketing Metrovacesa. strategies. Continued strong investor demand has put downward pressure on yields, which Retailers have tightened to 4.25% for top prime products. This year is once again seeing a Upbeat consumption levels are spurring retailers to implement ambitious expansion large number of sales, with investors showing a renewed interest in retail parks, plans, both in terms of High Street and Shopping Centres. Sales activity in the although investment volumes are not expected to top last year’s record figure. Fashion segment has eased off compared to previous years, however other sectors, such as Accessories, Sportswear and Cosmetics are thriving. Food & Beverage is Shopping centre development is picking up, with new centres now increasingly another sector that is flourishing, driven by the arrival of new concepts and aiming to become places that people visit not just to shop, but to socialise with more professional operators, with sales up 6.2% y-o-y. friends and family. 3.6% 24,000 M€ 29 2.5% 93.5% 3,000 M€ Retail sale growth in 2016 Volume of e-commerce sales New international brand Shopping centre footfall growth Average shopping centre Shopping centre in Spain entrants to Spain occupancy rate Q1 2017 investment 2016 4 Key features of the Retail sector in Spain | 2016-2017 | CBRE Introducción 5 At the beginning of 2017, yearly forecasts projected a more 01 modest economic growth rate, however the economy remains strong and GDP growth forecasts have since been revised up to 3.1%. This rate would keep Spain as one of the fastest expanding economies in the EU, where average growth stands at Economic around 1.9%. backdrop GDP GROWTH IN EUROPE AND SPAIN Annual Growth % 5,0 4,0 3,0 2,0 In 2016, Spain’s economy 1,0 exceeded all expectations, 0 (1,0) overcoming issues both at home (a (2,0) caretaker government) and abroad (3,0) (Brexit, stock market fluctuations, (4,0) (5,0) etc.), to post year-end GDP growth 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 of 3.2%. Low interest rates, job Eurozone GDP Spanish GDP creation and price stability were all key to achieving this growth. Source: Oxford Economics. Growth in the rest of the Eurozone was far more muted, reaching just In 2016, 414,000 jobs were created in Spain, a very positive figure that drovethe unemployment rate down to 18.6% 1.8%. by the end of the year. Over the last three years, the In 2016 unemployment rate has dropped by six points, a very positive result even though a large share of the employment created was temporary. Unemployment is expected to continue falling in 414,000 2017 as jobs continue to be created, and is projected to hit circa jobs were created 18.1% by the end of the year. in Spain 6 Key features of the Retail sector in Spain | 2016-2017 | CBRE Economic backdrop 7 RETAIL SALES IN EUROPE AND SPAIN NUMBER OF OVERSEAS TOURISTS IN SPAIN Annual Growth % Number of tourists in millions 6,0 80 4,0 2,0 70 0 60 (2,0) (4,0) 50 (6,0) (8,0) 40 (10,0) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 30 Retail sales in the Eurozone Retail Sales in Spain 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: Oxford Economics. Source: Frontur. Sales are benefitting from the recovery inConsumer Confidence levels, which following the financial crisis, and despite fluctuating considerably in 2016, are now back up at very healthy levels. As a result, retail sales performed very well last year, rising by 3.6% and comfortably outstripping the 3.0% registered in 2015. Although the Fashion sector suffered somewhat in terms of sales in 2016, other retail sectors saw significant upturns in revenue. 2017 forecasts suggest that retail sales growth will ease slightly across the board, to come in at between 2.0% and 2.5%. Tourism is another factor that is driving up sales, with 2016 registering another record year in terms of the number of tourist arrivals, with no less than 75.6 million tourists deciding to Retail sales grew visit Spain, up 11% y-o-y. With tourist figures for the Easter holidays this year hitting an all-time record, all signs suggest that 2017 could be another record-breaking year. 3.6% Between 2014 and a large part of 2016, prices entered a slight deflationary environment, however this barely had any negative in 2016 knock-on effects thanks to the strength of the Spanish economy. The CPI then returned to positive territory in the second half of 2016, with inflation ending the year at 1.6% on the back of rising energy prices. Inflation is not expected to turn negative again this year and is forecast to move between 1% and 2%. 8 Key features of the Retail sector in Spain | 2016-2017 | CBRE Economic backdrop 9 In the retail sector, the transformation ranges from the 02 unstoppable rise of e-commerce to the increasing use of new technology, designed to combine the best of the physical and digital worlds to create a new order known as “phygital”. In other words, technology is The digital now at the service of bricks and mortar stores in order to offer customers experiences that the online channel transformation cannot offer. in the Retail Shopping centres are also moving towards the omichannel system thanks to new digital platforms that allow them to develop the e-commerce business sector to complement physical sales. With the creation of its Omnichannel Sales System, CBRE is a pioneer in this field. This technology also allows retailers to get to know their customers and their habits better thanks to Big The so-called 4th Industrial Data analytics. The new tools available allow them revolution, driven by the speed to offer customers a more personalised service and gives them access to the key data required to make and depth of recent technological informed decisions, such as footfall, sales, etc.
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