Press Release - July 2026

• At the end of 2025, nearly 770 shopping centres were operating in Spain and Portugal, with total gross lettable area of 20.9 million square metres.

• Andalusia and Madrid are the regions with the highest number of centres in Spain. Supply in Portugal is concentrated in the districts of Lisbon and Porto.

• Both visitor numbers and sales at shopping centres maintained their upward trend in 2025, which is expected to continue in the short term.

• INFORMA's DBK Sectoral Observatory recently published these insights in the 'Shopping Centers-Iberian Market' Sectoral Report.

Madrid, 14 July 2026.- According to INFORMA's (Cesce's subsidiary) DBK Sectoral Observatory, a leading provider of business, financial, sectoral, and marketing information in Spain and Portugal, demand in the Iberian shopping centre sector has shown a growth trend in recent years, driving favourable turnover performance.

At the end of 2025, there were 768 shopping centres operating in the Iberian market, of which 592 were located in Spain and the remaining 176 in Portugal. Meanwhile, total gross lettable area amounted to 20.9 million square metres, up 0.3% from December 2024. Average GLA per centre stood at nearly 27,200 square metres.

The geographic distribution of supply in Spain shows high concentration in the regions of Andalusia and Madrid, both with over 100 centres, followed by Comunidad Valenciana, Catalonia, Canary Islands and Galicia.

Lisbon and Porto are the districts with the highest provision in Portugal, with 34 and 27 centres, respectively, together accounting for a combined share of total lettable area in this market close to 50%.

Both visitor numbers and sector sales have maintained an upward trend in recent years, which is expected to continue in the short term.

Further increases are also expected in the number of sites and gross lettable area. At the end of 2026, nearly 25 more shopping centres are expected to be operating across the Iberian market than at the end of 2025, most of them opened in Spain.

Centre tenant mixes are expected to continue shifting away from fashion retail, in favour of foodservice operators and other service outlets that do not face competition from the online channel. Customers are also placing increasing value on open-air spaces.

This repositioning aims to enhance the visitor experience and extend dwell time, key factors in sustaining footfall and commercial activity at shopping centres.

Data Synthesis, 2025

GLA: Gross lettable area.