Spain bids to be global shopping destination
madrid — Restorers of vintage stained glass are enjoying a new lease on life in Madrid these days, bringing their artisanal skills to a luxury retail and hotel complex in the centre of Spain’s capital.
The old-but-new leadlights are destined to shine on what business and government cheerleaders see as the epicentre of a wide movement to propel Madrid into the big league of global shopping destinations.
Alongside revamps of tired beach resorts, Spain is attempting to lure tourists with shopping city breaks to widen its appeal to the biggest spenders — and not coincidently to keep its economic recovery on track.
Regional governments, construction and travel firms as well as shops are working hand-in-hand to recast Spain — and Madrid in particular — as a retail hub to rival Milan or Paris. These efforts include simplifying Spain’s value-added tax refund system from foreigners and promoting Madrid’s shopping credentials with Chinese bloggers, many of whom were invited to tour the sights last year.
The sprawling Canalejas shopping complex is at the centre of the capital’s luxury makeover. It is a private initiative — due for completion in 2018 — which involves refurbishing seven buildings and which will house Spain’s first Four Seasons hotel. With a price tag of €500 million, the work includes renovating the ornate pillars, crumbling marble and mahogany wood interiors in the 19th century buildings, which were once used as head offices by Spanish banks.
“We are failing to attract the tourists we want,” said Maria Jesus Escobar, public sector officer at Ernst & Young, at a recent tourism summit in Madrid. “We want to target those with the most purchasing power.”
Tourist arrivals in Spain have reached record highs for four years in a row, growing to 75.6 million in 2016. But some 20 percent of those were potentially “borrowed” from other Mediterranean destinations that have suffered from recent violence, such as Turkey or Egypt, according to industry lobby group Exceltur.
Retaining these visitors is key: tourism generates one in eight jobs in Spain and has underpinned its recovery from recession. — Reuters