Luxury companies typically don\u2019t break down individual countries in Europe in their earnings reports, but Erwan Rambourg, outgoing managing director at HSBC, says Spain still accounts for a small but fast-growing share in luxury revenues. It\u2019s no mean feat at a time when the sector is facing weak performance in Europe.<\/p>\n Valentino store in Galeria Canalejas.<\/p>\n <\/span><\/div>\n<\/figure>\n Vincent Ascher, head of luxury at Cushman & Wakefield, a firm specializing in commercial real estate services, notes that it\u2019s not only Spain. \u201cThere is a certain momentum now in the entire Mediterranean area, including Portugal and Greece,\u201d he explains. \u201cEven though rents have increased quite a lot, rental values are still quite affordable compared to major markets like London, Milan, and Paris. But with a dynamic that also allows you to see revenue growth.\u201d<\/p>\n \u201cMadrid is clearly on the rise,\u201d Ascher adds. \u201cPost-Covid, luxury brands have aimed to boost local markets, a trend that has particularly benefited Madrid, which is oriented toward a local clientele. When we talk about \u2018local\u2019, this includes the new residents from Latin America and North America.\u201d<\/p>\n \u201cMadrid has internationalized itself,\u201d Robert Travers, head of EMEA retail and leisure at Cushman & Wakefield, says. \u201cWith South American, North American and European money coming in, it accelerated after Covid. It has become extremely attractive with best-in-class amenities \u2014 schools, healthcare, transport hubs \u2014 and a good quality of life.\u201d<\/p>\n Salamanca, with its elegant 19th century architecture in Madrid\u2019s central eastern area, is often referred to as the city\u2019s \u201cgolden mile\u201d thanks to the concentration of luxury boutiques along its two main streets, Calle de Ortega y Gasset and Calle de Serrano. Just a few steps away, however, the modern neighborhood quickly shifts into a quieter, more residential atmosphere. Then, Calle de Jorge Juan, a stylish shopping street in Madrid\u2019s Salamanca district featuring brands like Isabel Marant and Aspesi, has a polished, Rodeo Drive-like luxury retail feel. While strolling through the neighborhood, you\u2019ll often hear South American accents. When Los Angeles wellness mogul Tracy Anderson opened a Madrid studio, she chose Salamanca.<\/p>\n<\/div>\n![\"Image](\"https:\/\/assets.vogue.com\/photos\/69dfcf1ba4cdff8b90ae13b3\/master\/w_1600%2Cc_limit\/04-00-26-SETTING-UP-SHOP-MADRID-story-inline-3%2520(1).jpg\"\/)
<\/picture><\/span><\/div>\nExploring Barrio Salamanca<\/strong><\/h2>\n<\/p>\n