Cushman & Wakefield, the world’s largest privately-held commercial real estate services firm, has advised French luxury brand Longchamp on its new flagship store in Barcelona.
Opening today, the 700 sq m shop – Longchamp’s largest in Spain – is situated in the heart of Barcelona’s luxury pitch and on its main retail high street, Paseo de Gràcia.
Nearby occupiers include the likes of Cartier and Prada, which were also advised by Cushman & Wakefield.
Robert Travers, Cushman & Wakefield’s head of retail agency in Spain, said: “Barcelona is becoming a top priority in the expansion plans of luxury brands. It is a top tier city and ranks among the 10 most visited places in the world – brands are therefore targeting Barcelona to showcase full collections in flagship concept stores. Additionally, Barcelona’s rents are still attractive compared to many other European cities.”
Paseo de Gràcia is the most expensive street in Spain, with a monthly rent that reaches €220 per sq m. Due to the increasing number of tourists visiting Barcelona, especially from emerging economies like China and Russia, the luxury market in the Catalan capital is expanding.
Cushman & Wakefield had 70% market share in Paseo de Gràcia in 2013. The Spanish high street team is leader in the Spanish luxury sector, with a 50% market share since 2010, and premium deals including Stella McCartney, Ermenegildo Zegna, Cartier, Aristocrazy and Prada/Miu Miu.