Spanish retail sector feels the squeeze
Nine in 10 Spanish retail developers fear a cash squeeze in the sector, according to research
A survey found that widespread concerns of a credit crunch cancelled out hopes of a potential economic recovery.
London-headquartered Broadway Malyan, which has an office in Madrid, commissioned the poll of 30 senior figures, carried out by market research firm TNS.
It found that their biggest fear was the lack of cash or credit from Spanish banks for retail schemes.
This was followed by restrictive and variable planning legislation, and growth in online sales, both of which were cited by six in 10 respondents as a concern.
Respondents said Spain was a country lacking clear political leadership.
In a backhanded compliment, six in 10 hailed the long-term potential for Spanish architects to work in South American markets as a positive.
But nine in 10 did say they were boosted by a forecasted recovery and opportunities to invest.
Broadway Malyan director Jorge Ponce said: ‘Despite the economic crisis, the retail sector has a particular vitality and demands attention for its ability to adapt to a changing economic environment.’
The practice’s recent projects in Spain include the concept design for the 35,000m² extension to the Carrefour Holea Plaza in Huelva.
Its Madrid-based team is also delivering projects in South America, including a mixed-use scheme in the city of Dalvian Mendoza, Argentina.
Recent data from EU statistical office Eurostat showed that Spain’s construction output grew 4.4 per cent in May 2013. But the country has suffered severely in the global downturn of the last five years.