Updated Thursday, 30 September 2021 – 07:42
Businesses in the heart of the city led this recovery in September with 36% more turnover than in 2019
Influx of pedestrians in Madrid’s Calle de Serrano, an area of high consumption.JAVI MARTÍNEZ
The Madrid shops they are taking off again after more than a year of hard battle in the face of the coronavirus pandemic. According to the most recent index of the real estate company Truebroker (iTB), this September closes with an important consumption rebound in all the commercial areas of the city, which have registered a remarkable increase in pedestrians and customers, with a level of consumption never before seen during the pandemic.
In the shopping areas prime Madrid, where a greater influx of people is concentrated (Salamanca District and Local Downtown Area), this recovery in consumption exceeded the figures registered before the arrival of Covid-19, especially in the center, where exceeded by 36% that of the same month of 2019. However, in downtown streets such as Gran Vía, Hortaleza, Preciados, Fuencarral and Callao, 15% fewer pedestrians were registered, which allows us to predict a new rebound in october. For its part, in the Salamanca district, consumption was 9% higher, with a 14% more pedestrians than in September 2019.
The behavior pattern for months was similar to that before the Covid, with a Salamanca neighborhood that “suffered” a lot all summer, including the month of June, and that consumption recovered in September. Meanwhile, the Local Center Zone experienced successive rebounds throughout the summer, since, since May, it has maintained some consumption levels similar to or higher than before the pandemic.
According to Pablo Beltrán, CEO of TrueBroker, one of the causes of this increase in consumption, “which may rebound even more strongly in the following months”, is “the very positive mood“of the clients. However, Beltrán assures that sales will decline in other areas and streets that will see their commercial value diminish and even disappear, as consumption turns to a new type of streets and areas, which will become the main protagonists of this “.
Consumption in other areas
According to the TrueBroker index, in September Singular Neighborhoods (According to the company, neighborhoods such as Lavapiés, La Latina or Malasaña that present the most profitable commercial areas planned for the next 10 years) have experienced a great improvement, with a level of consumption (-3%) almost similar to that registered in September 2019. The Tourist Center Zone also improved a lot compared to August, with an increase of almost 25 points in consumption. However, sales were 22% below September 2019, with 39% fewer pedestrians. This figure reflects the lack of recovery in tourism, which can be slow. “We will still have to wait many months to know whether or not it returns to pre-pandemic levels, with or without tourists,” says Beltrán.
Recovery of the rental of premises
During the summer, the level of leasing of premises increased and it has been maintained in the month of September, although the rate of closings continues to be higher, led by large global brands and fashion, which are now beginning to vacate many stores of great commercial and morphological quality. On the contrary, it is national brands and different sectors of fashion that are leading the new hires in fields such as catering, health, personal well-being and personalization.
Residential and office streets
One more month, the Residential and Office streets register the worst results, Yes OK grew by 10% in pedestrians and consumption compared to August. Both maintain a very high contraction, which, in the case of Office Zones, supposes a 52% fewer pedestrians than in September 2019.
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