News / From the associates

According to CBRE’s analysis, the European retail market showed signs of recovery in 2025, with a 1.7% year-over-year increase in foot traffic and a 2.3% rise in sales, although foot traffic levels remain about 2.1% below pre-pandemic levels. Growth was more pronounced in the second half of the year, driven by seasonal events and promotions such as Black Friday and the holiday season, while the first quarter was weaker, partly due to the calendar effect of Easter. Retail parks remained the most dynamic format in terms of foot traffic (+5.8%), exceeding 2019 levels by 21.6%, while experience shopping centers reached pre-COVID levels and other formats recorded more modest growth.

On the sales front, performance was positive but uneven throughout the year: after a largely unchanged first quarter (+0.1%), a recovery was observed in the second (+3.6%) and more stable growth in the third and fourth quarters (respectively +2.5% and +2.7%). Inner-City centers and Experience shopping centers led the growth, with increases of 3.4% and 2.9%, respectively, while Retail Parks slowed (+1.3%). At the sector level, the performance of Household & Furniture (+3.1%) and sectors such as electronics, fashion, food, and leisure (all above 2%) stood out, while sports was the only segment to decline (-1.9%), reflecting a normalization following previous years.

Rents rose by 2.0% and service charges by 1.5%, primarily due to indexation, while the vacancy rate fell to 5.6%, below 2024 levels and even lower than pre-pandemic levels. Retail parks once again stand out as the strongest segment, being the only ones to benefit from both indexation and new leasing activity (with rents up 2.5%). Overall, the European retail market shows a gradual and selective recovery, characterized by a growing consumer preference for formats that combine convenience, accessibility, and experiential offerings.