Gran Vía in Spain’s capital has suffered the third-highest decline in footfall of the main European shopping streets, according to a report by Mytraffic and Cushman & Wakefield.
Traffic fell by 64% in Madrid, 66% on Rome’s Via del Corso, and by 71% on London’s Oxford Street between March 2020 and the same month in 2021. Footfall on Kurfürstendamm in Berlin and the Champs Elysées in Paris were down by 35% and 44% respectively.
This drop in footfall has led to business closures, leaving assets underutilised. The first direct consequence was a drop in rental values and asset valuations. Madrid, Rome, Berlin and Brussels have already witnessed the trend, but Paris and London have not due to the lack of transactions.
Read the full article in Spanish