The Gran Vía in Madrid is the second busiest shopping street in Europe

2023-07-19 14:21:05

The Gran Vía in Madrid, one of the largest commercial arteries in the Spanish capital, has become the second busiest European shopping street, after increasing the level of visitor traffic by 26% compared to last year, according to data from the real estate consultancy Cushman & Wakefield.

Ahead of the main shopping street in Madrid, the renowned Kalverstraat has positioned itself, in Amsterdam, which has increased its influx by 30% compared to the previous year. The third place on the podium was occupied by the Champs Elysees avenue in Paris, with a 15% increase in visitor traffic compared to the previous year and, in fourth place, the Vittorio Emanuele II in Milan, which has increased 6% the influx.

Regarding the rents of Gran Vía, they have also grown, reaching 240 euros per square meter per month in the first quarter of the year, at the same time that it has registered occupancy levels of around 95%, with average rents annual of 2,830 euros per square meter.

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Currently, brands such as Nike, Victoria’s Secret and Scalpers are located in the ‘prime’ area of ​​Gran Vía, offering higher occupancy levels than in pre-pandemic times, according to Cushman & Wakefield, which details that the ‘flagship stores’ show a greater interest in this artery, among which brands such as Uniqlo, Primark, Zara or H&M stand out.

From the classification of the most emblematic main streets in Europe, prepared by Mytraffic and Cushman & Wakefield, it can also be deduced that the influx of visitors with high purchasing power has increased in the main Spanish shopping streets, including Passeig de Gràcia in Barcelona (34%), Gran Vía in Madrid (31%), Portal del Àngel in Barcelona (30%), Calle Tetuán in Seville (28%) and Calle Marqués de Larios in Malaga (19%).

Since Cushman & Wakefield have pointed out, the Gran Vía in Madrid has reinforced its dominance as a “key” point of sale thanks to the best ‘flagship stores’, the wide range of leisure activities, and its tourist attraction.