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ublished: 12 Nov 2025

    Cushman & Wakefield’s European Retail Radar, analysing leasing deals across the continent, shows fashion still dominates the first half of 2025, occupying 37 % of all lettable space. The mixed‑goods sector follows, accounting for 24 % of the area let and 17 % of transactions. Food & beverage and personal goods tie for third, each representing 13 % of the market.

    João Esteves, Cushman & Wakefield Portugal’s retail director, notes that high‑street openings remain the main format, with foodservice units making up 47 % of new openings in the first six months. Leisure and culture account for 17 %, while fashion represents 9 % of new units, signalling a broader retail mix. Retail parks continue to expand rapidly, whereas shopping centres have consolidated strongly over recent years.

    Lisbon’s Avenida da Liberdade has seen a wave of luxury retail activity: the Fashion Clinic and Paul & Shark flagship stores opened, and Cartier and Longchamp reopened after refurbishment. Cartier’s new boutique blends the maison’s classic elegance with Portuguese heritage, as highlighted by designer Francisco Nogueira.

    Across Europe, fashion occupies roughly 70 % of lettable area and transaction volume in the first half of the year, with fashion retailers driving more than one‑third of all deals. Leading brands such as Mango, Jack & Jones, and Inditex’s Zara and Massimo Dutti were among the most active tenants in 2025’s first six months. Luxury lettings surged over 50 % year‑on‑year, especially in Italy and the UK, with notable contracts also signed in France and the Czech Republic.

    The report attributes fashion’s continued strength to robust tourism figures, which are projected to hit historic highs in 2025. Long‑haul travellers are expected to exceed 2019 arrival levels for the first time since COVID‑19 restrictions lifted, further boosting demand for high‑end retail space.