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Parque Corredor. Image: Redevco

Redevco finishes transformation of Parque Corredor Shopping Center in Madrid

European urban real estate investment manager Redevco finished the large-scale renovation of Parque Corredor in Madrid. The construction works, which started a year ago, have been completed ahead of schedule despite the extensive measures issued by the Spanish government in response to COVID-19. More than 300 workers continued building works in shifts during the so-called lockdown period, after assuring the implementation of a very strict Health & Safety protocol.

Full modernisation of the scheme

Parque Corredor is one of the largest shopping centers in Spain, with 123,000 sq m of surface. The large-scale, €45 million renovation affected the entire shopping center. The exterior and its façade underwent a major remodeling, creating the center’s current modern and iconic look. The three main entrances facilitate a more balanced circulation of the more than 11 million customers that visit the center each year. The 3,500 parking spaces have also been widened and re-surfaced, with better day and night signage. In the shopping center double height façades have been created to emphasise the width and height of the mall. Also, large skylights were installed to create a more pleasant and natural lighting which will also help to reduce energy consumption.  

Zara store returns

The renovation also brought back Zara, which closed its shop in 2013, and once again has opened a shop of 3,800 sq m, making a strong commitment to the new project with one of the biggest retail units. Zara joined other brands from the Inditex group, Bershka, Stradivarius and Pull & Bear, bringing the group’s brands to a total of more than 6,100 sq m of space in this iconic shopping centre.

Parque Corredor. Image: Redevco

Store refurbishments across existing brands

The remodeling has been used to reorganise the distribution of the commercial units and to extend the shop windows and exhibition areas. Many of the brands that were already present in Parque Corredor have taken advantage of the constructions works to renovate and update their shops as well.  

Sports Direct (2,900 sq m), Kiabi (1,600 sq m), Sfera (1,100 sq m) as well as Primor, Deichmann, Soloptical, Time Road, VisionLab, Misako, Greenwich, Encuentro Moda, el Outlet de El Corte Inglés, Women Secret, Benetton, Inside, New Yorker, Springfield, Décimas and many more have refurbished. Primark is currently re-doing its façade. In addition to existing tenants, the renovation of Parque Corredor also attracted the interest of new brands, such as JD Sports and Sprinter, which will open a unit in the center in the first quarter of 2021.  

Parque Corredor currently offers the widest commercial offer in the Northwest area of Madrid, both in food and fashion, services, and leisure, including nine Yelmo cinemas, which have been reopened last week. Furthermore, the shopping center offers a bowling alley with 24 lanes and a sports center with capacity for 3,000 spectators.