Commercial parks, the smaller cousins of traditional shopping centers, are distinct because stores open directly to the street. They are set to mark a historic high in 2024 with a flood of new openings. This year is forecast to bring 18 new complexes, totaling 280,000 square meters of gross leasable area, according to data from the consulting firm JLL. The firm notes in its report El mercado Retail en España that these figures represent the peak level of new space inaugurated in the last decade, matching the record set in 2019.
Over the past year, four new shopping parks have entered service: A Revolta in Carballo (A Coruña) with 28,000 square meters; Nasas de Torrejón in Torrejón de Ardoz (Madrid) with 10,000 square meters, developed by López Real Inversiones 21; Salburua in Vitoria-Gasteiz with 6,500 square meters, developed by Ten Brinke; and Nexum Retail Park in Fuenlabrada (Madrid) adding 22,000 square meters, launched by the Belgian company Equilis. In total, Spain now counts 88 such spaces, equating to a density of about 50 square meters per 1,000 inhabitants.
In 2024, nine out of ten new retail offerings opening in Spain will be shopping parks. These parks have established themselves as one of the most resilient segments of the retail sector, boasting strong adaptability to evolving consumer habits. Their proven strength has attracted significant interest from investors and developers alike. Augusto Lobo, head of Retail Capital Markets at JLL Spain, emphasizes that Spain’s park density is markedly lower than in comparable Western European markets, highlighting substantial growth opportunities for investors, promoters, and retailers.
The analysis also points out that Spain’s park density remains very below that of Belgium, the Netherlands, Sweden, the United Kingdom, and Germany. The gap is especially evident in provinces such as Las Palmas, Guadalajara, Segovia, and Girona, where opportunities above 5,000 square meters are scarce. This scarcity keeps major operators keen on occupying existing assets and exploring future possibilities. Consumer habits continue to shift, needs evolve, and a more competitive retail landscape pushes complexes to renovate and improve their facilities.
By region, Andalusia is forecast to record the most openings in 2024, totaling seven, followed by the Community of Madrid with five, the Valencian Community with three, and the Regions of Murcia, Canarias, Galicia, Catalonia, and the Basque Country with two or one openings each. Among the highlights this year will be the largest shopping parks to debut: Adeje Shopping in Santa Cruz de Tenerife, developed by Leroy Merlin’s real estate arm, at 33,000 square meters; Señorío in Illescas-Toledo at 30,000 square meters; and Parque Comercial in Vilanova de Arousa at 23,000 square meters.
Overall, the national landscape for shopping parks in 2024 reflects a market where retail developers see clear opportunity in formats that blend convenience, access, and experience. The continued growth of these assets aligns with investor interest in diversified retail footprints that can accommodate evolving shopping patterns, anchor tenants, and flexible configurations that respond to regional demographics and visitor flows. [Source: JLL, El mercado Retail en España, 2024]