Projects

Parque Corredor Shopping Centre Renovation, Madrid

Parque Corredor, the third-largest shopping centre in Madrid, Spain, after Xanadú and Parquesur, is undergoing a renovation to increase the size of the stores and enhance the shopping experience.

Project Type

Shopping centre renovation

Location

Madrid, Spain

Estimated Investment

€45m ($53m)

Announced

September 2018

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Parque Corredor, the third-largest shopping centre in Madrid, Spain, after Xanadú and Parquesur, is undergoing a renovation to increase the size of the stores and enhance the shopping experience.

Redevco Iberian Ventures, a joint venture between investment management companies Ares Management and Redevco, purchased a 70% stake in the shopping centre in February 2018. Spanish hypermarket chain Alcampo holds a 24% stake in Parque Corredor while the remaining stake is owned by the Town Hall of Torrejón de Ardoz and Toys R’ Us.

The renovation plans for the shopping destination were approved by the owners in July 2017. The €45m ($53m) renovation project began in 2019. It will transform the shopping centre into a modern retail and leisure destination.

Parque Corredor Shopping Centre location

The 123,000m² shopping centre is located in the Madrilenian town of Torrejón de Ardoz in the north-western area of Madrid. Accessible by car, bus, and train, it welcomes more than 11 million visitors a year.

Parque Corredor Shopping Centre design and features

Opened in 1995, the shopping facility features 180 stores and the 5,000m² Jorge Garbajosa Sports Pavilion. The shopping centre includes a 24,000m² Alcampo hypermarket and a nine-screen cinema operated by Cinesa.

“Redevco Iberian Ventures, a joint venture between investment management companies Ares Management and Redevco, purchased a 70% stake in the shopping centre in February 2018.”

The renovation will create new façades and incorporate interactive digital technology to improve the experience at the entrances. The project will also include the expansion of the common areas of the mall and the refurbishment of shopfronts. The mall will be incorporated with energy-efficient LED lighting and thermally efficient materials, as well as improved natural lighting through the creation of 68 skylights.

The existing car park with 4,000 spaces will be remodelled while new comfortable rest areas will be created. The shopping facility will be designed to achieve Building Research Establishment’s Environmental Assessment Method (BREEAM) certification.

The project will renovate and rearrange the retail stores and deliver improvements to the access areas. The mall will have more space to accommodate the increased number of visitors and the central walkways will become higher and wider, upon completion of the upgrade works. New access doors will also be created as part of the project.

Retailers at the mall

The shopping venue houses retailers such as H&M, Primark, El Core Inglés, Sports Direct, Mango, Kiabi, Sfera, Roma Point, Oteros, New Yorker, Pimkie, United Colors of Benetton, and C&A.

Inditex Group operates its retail brands at the mall and was handed over four units in July 2020. The four units will house the group’s Zara, Stradivarius, Pull & Bear and Bershka brands. Zara will occupy 3,800m², which will be one of the largest units in the Parque Corredor shopping destination.

El Corte Inglés moved to a 3,000m² outlet in the new Plaza de Alcampo. Other outlets at the facility include Boom Furniture, Alyflor, Kiwoko, Druni, and Mazuelas. Renovation works at New Yorker and Inside stores are ongoing, with the stores expected to reopen in Q3 2020.

Dining, entertainment and amenities at the Parque Corredor Shopping Centre

The restaurants at the shopping facility include Kekexily, The South Island, Pure Cuisine, The Tagliatella and Don G. Dining options also include Burger King, McDonald’s, and New Istanbul Kebab while outlets in the bar / café category include Dunkin ‘Coffee, llaollao, Taruffi, and Yogurt Cafe.

The mall has entertainment facilities such as Golden Park, Bowling Runner, Poly, Ranger, Game and Chance.

The new facilities will be fully accessible for persons with disabilities.

Contractors involved

Chapman Taylor, an architectural firm, provided the design for the renovation of the shopping centre. The project implementation is managed by architects ARPV and coordinated by property and construction consultancy firm GLEEDS.

Cushman and Wakefield is responsible for the marketing and management of the commercial premises.

Spanish construction engineering company SANJOSE Constructora was awarded a contract to refurbish the parking and outdoor areas of the shopping centre.

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