Madrid and Barcelona have climbed the ranks of the world's most attractive cities for international retail, to the point of being among the top fifteen in the ranking, in eleventh and fifteenth place, respectively. This milestone also makes Spain the only country with two cities in this select club, along with the United States and Canada. This is according to the study Hot Retail Cities 2024, prepared by Modaes with the sponsorship of Bestseller.

According to the report, Spain is one of the best performing developed economies. This has helped Madrid and Barcelona to far surpass their 2023 records and move ahead of giants such as Seoul, Shanghai, Berlin and Chicago. Last year, they ranked 30th and 31st respectively.

One of the biggest increases
Cultural and creative life has propelled Madrid up to the eleventh most interesting city for retail. Its good economic prospects and quality of life have also helped to boost it, in addition to its capital city status and the number of companies that have their headquarters there. It was one of the biggest risers in the ranking, with 54 points more than in 2023.

Barcelona, for its part, relies on its role as an international tourist centre, especially in terms of the volume and spending of its visitors. It has also grown in terms of its liveability, its cultural life, the importance of its port and the long-term prospects for population growth.

Momentum cities
Madrid currently leads the city momentum index for the first time, a secondary ranking that assesses market trends. The study assesses its stable and secure environment in fashion retailing, and its wide range of cultural offerings, quality of life and ability to attract new economic activity have catapulted it into first place, tied with Milan.

Another secondary ranking, related to magnetism, sees Barcelona in fourth place, tied with London, both of which have a strong tourism industry and a great capacity to attract new residents.

To compile these lists, Hot Retail Cities analyses fifty indicators that refer to economic, commercial, political and cultural aspects of 150 cities. In its fourth edition, New York is once again in first place, Paris has climbed to second place thanks to the Olympic Games and London is in third place.

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