Of the 16 million square metres of retail space in the Spanish market, the firm EY estimates that only 11 million are viable, while another 1.5 million m2 planned may not be executed.
The conclusions stem from the study The Retail Property Telescope by EY, which analyses the retail sector’s delicate situation. These assets have been in the doldrums for some time due to the construction boom of recent years and the rise of e-commerce. The problem has worsened following the emergence of Covid-19 and all that it entailed: the closure of non-essential shops, the move to online and open-plan shopping and a fall in consumer purchasing power.
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