In recent years, Málaga's shopping centres have undertaken a process of updating and repositioning their retail mix. This is a direct response to the arrival of Intu Costa del Sol as well as McarthurGlen on Plaza Mayor.
El proyecto de McarthurGlen en Plaza Mayor ya ha inaugurado la primera de sus dos fases con gran éxito. Este cuenta con una gran zona comercial abierta y vibrante unido a una experiencia de compra enfocada al lujo asequible (outlet) que configuran una oferta comercial única en la ciudad atrayendo un perfil de comprador nuevo. The McarthurGlen project on Plaza Mayor has already opened the first of its two phases with great success. It features a large, open and vibrant shopping area offering a retail experience centred on affordable luxury (outlet). This has created a unique commercial offering in the city, which is attracting a new buyer profile. Existing shopping centres and retail parks in the city have repositioned their centres in order to compete with the new commercial offering underway. Property owners of main shopping centres have undertaken two approaches: analysing and changing their retail mix as well as upgrading their facilities. The incorporation into the city and its nearby areas of the Intu and Mcarthur projects results in a situation where the Gross Lettable Area (GLA) of Málaga will increase to 693 sq m of GLA per 1,000 inhabitants, 3% more than the current figure (including the first phase of McarthurGlen). This will put the Retail Saturation Index (GLA per 1,000 inhabitants) well above the optimal level However, it does not reflect the considerable influx of tourists and the overall number of people in the city and the province. This may have consequences for shopping centres that do not know how to adapt their offering to the reality of the market, their environment and the public.
Complete closure of commercial spaces in shopping centres
Adjustments in rental prices
New health, hygiene and disinfection protocols for shopping centres
Safer shopping centres
Absence of tourism has impacted shopping centres
Retailers will use the shopping centre format due to the higher yield compared with shops on high street
Drop in spending associated with the health crisis in the short- and medium-term
Reduced competition for new projects
Rent adjustments as a result of the unprecedented situation
Opportunity to invest in the short term
Decline in profits for owners and investors
New concepts for shopping centres and retail parks
Temporary halt of projects in progress
Increased economic uncertainty within the population in the short- and medium-term