Retail returns to the centre of the real estate market
In 2025, retail confirmed its position as Italy’s leading asset class by investment volume, with around €3.5 billion invested and 26% growth compared with 2024.
The sector is regaining momentum in a still complex environment, supported by international capital and the evolution of physical formats into more experiential, integrated and social spaces.
Retail investment rebounds across Italy and Europe
In 2025, the European retail sector attracted around €38 billion in investments, up 27% year on year.
In Italy, retail led the real estate market with €3.5 billion invested, driven by major corporate transactions and renewed interest in shopping centres, outlets, high street assets and large-scale retail properties.
Italian retail grows again through investments and new consumption trends
Shopping centres and outlets drive the investment comeback
Shopping centres, retail parks and outlets are once again central to investment strategies. In 2025, shopping centres attracted around €1.1 billion, recording their best performance since the pandemic, while outlets reached approximately €780 million in transaction volumes.
International capital remains a key driver, with France, the United Kingdom and the United States among the most active investors in Italy’s retail sector.
In 2025, retail regained momentum through investment, services and omnichannel experiences
Physical retail between experience, services and new behaviours
Shopping centres are evolving towards models increasingly focused on experience and social interaction. According to CNCC data, they represent the main shopping destination for around 30% of consumers, while food services, personal care and service-based activities continue to expand.
Franchising is also strengthening its strategic role, involving 40% of brands present in malls and supporting the growth of more structured, omnichannel retail formats.
Retail evolves through investment, experience and strategic value
The data collected in 2025 confirms the return of retail as one of the most dynamic segments of the Italian and European real estate market. Investment growth, renewed interest from international capital and changing consumption models are redefining the role of retail assets within operator strategies.
Shopping centres, outlets and high streets are increasingly able to attract footfall by integrating shopping, services, food and experience. At the same time, physical retail continues to transform into a space for relationships and social interaction, maintaining a central role in the omnichannel era.
In this scenario, the ability to interpret market data, anticipate demand shifts and understand new ways of using commercial spaces is becoming increasingly strategic for investors, retailers and developers. Italian retail is showing clear signs of consolidation, confirming its relevance as a growth lever for the real estate sector.