March 29, 2020
E-Commerce e o Mercado Imobíliário, por Cristina Cristóvão, Retail Director da Savills

E-Commerce e o Mercado Imobíliário, por Cristina Cristóvão, Retail Director da Savills

Street commerce in Portugal
has been stagnant for many years which was caused by
an urban tenancy law that took time to become more flexible and
hindered the development of commerce for a more modern model eventually driving the more
institutional tenants away and, consequently, the population. Also the quality of the shopping
centres built in Portugal allowed the implantation of
the main large operators while helping to promote
the Portuguese retail market to the main international investors. With the slowdown in the
development of new Shopping Centres tenants are currently very focused on street commerce especially in the historic centres of Lisbon and Porto and in the areas with greatest tourist impact. Chiado, Rua Augusta and Rua do Carmo in Lisbon Rua de Santa Catarina, Rua das Flores
and Rua de Ceuta in Porto are still the hot zones where we continue to have a strong demand from fashion operators, mainly mass market and also a high focus on catering activity while noting a decrease in the interest of luxury brands. There is still a demand for large areas by operators in Portugal which is in counter-cycle with what is
happening in most European countries With the growing impact of online commerce on retailer sales there has been a reduction in store areas which has a positive impact on rental costs especially if we think of the high sqm values
in large urban areas and shopping centres. The need for a physical store is losing ground
to the ever-increasing need for storage which brings us an increased demand for warehouses located as close as possible to the city centre and existing stores This proximity with the product allow the
waiting period time for online consumers to be always as short as possible. This trend is called “last mile” and has been impacting the logistics of retailers the way their distribution channels are organised and consequently, the industrial market. With this paradigm shift retailers feel the need to invest more in logistics centres, warehouses, transport services and couriers and is expected in Portugal,
in certain areas of Retail, may be a reduction in the size of stores similar to what happens in Europe.

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