Its dark times for the retail sector in the province of Malaga. Almost every fifth shop has disappeared in the past five years, according to a new report from the Spanish bank La Caixa. Last year there were 24,915 active companies in Malaga, which is 7,116 fewer than five years ago.
Even within the restaurant industry, it’s disappointing. Every tenth bar or restaurant in Málaga province during the last five years closed due to the Spanish economic crisis. At the end of last year there were 11,113 bars and restaurants, which are 1,800 fewer than in 2007.
Especially rural municipalities are particularly hard hit. In Canillas de Aceituno, can Montejaque, Colmenar and Gaucin see a decline in business over 60 percent.
While the decline in the number of bars and restaurants on the Costa del Sol has been an average of 14 percent, are rural Moclinejo and Riogordo, where 70 percent of the bars are now closed.
Among coastal communities that have a lot of tourists are Marbella, Benalmádena, Mijas and Fuengirola those who have been hardest hit. Here is a reduction of up to 30 percent, while Malaga is “only” down 20 percent.
The only exceptions in the sad statistics have Estepona and Marbella, where the number of bars and restaurants has increased by two percent.
The winners of the economic crisis in Spain seem to be the supermarkets and large shopping centers that have grown rapidly in size. During the same five years, the total has 150,000 m2, or 23.4 percent higher than they were in 2007.
Spanish Banks surfers out parking garages and commercial premises
The Spanish Banks are sitting on properties but also in parking garages and commercial premises offering price cuts of up to 86 percent. When borrowers were unable to pay the loans granted banks take over homes, parking garages and commercial premises.
The Spanish Banks have become the new real estate agents and many banks now lowers the price considerably to get rid of thousands of properties, garages and commercial premises in the province of Malaga.
There are two thousand properties and 2,300 parking garage. The price of a garage in a residential area of Mijas has been reduced from 16,000 to 4,000 Euros. In Manilva is about reductions from 14,500 to 1,900 Euros.
Similar reductions in business premises in Arroyo de la Miel, where a 300 square meter shopping area has dropped in price by 84 percent to 45,000 Euro.
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