Belgium’s retail market gains renewed momentum
After several years marked by volatility and changing consumer patterns, Belgium’s retail landscape showed clear signs of renewed momentum in the second half of 2025. Stabilizing economic conditions, improving sentiment among households and retailers, and a more active investment climate in retail all contributed to a market that is steadily regaining its footing.
Demand Dynamics
Retail demand gained clear momentum in H2 2025, marking a strong rebound from the softer activity of the same period last year. In the second half of 2025, shopping centers and high streets saw the most notable uplift, with high-street activity benefiting from renewed fashion leasing and a clear return of retailer interest in prime urban locations. As a result, the total retail take-up of 2025 was well above its long-term average, illustrating a tangible shift in retailer confidence. More specifically, home-related categories and specialized retail were among the most active, while supermarkets and fashion maintained their steady contribution to overall take-up.
Expansive retailers and trends
Retailer expansion remained a key driver in 2025, with operators such as TEDI, JYSK and Kruidvat continuing to grow their store networks. Expansion was concentrated mainly in provinces like Antwerp and West Flanders, supported by strong demographics and well-established retail clusters.
Prime high streets also regained momentum, reinforced by flagship developments such as Zara’s major new store on Antwerp’s Meir. At the same time, large-format retail underwent further transformation as former hypermarkets and big-box units were repurposed into modern, multi-unit retail parks, reflecting the broader shift toward flexible, mixed-use retail warehousing. Discount retail remained one of the year’s standout trends, with both grocery and variety discounters benefiting from sustained consumer demand and driving a significant share of new openings.
Investment & prime yields
Investment activity in retail real estate strengthened noticeably in H2 2025, driven largely by major out-of-town retail park deals, while shopping centers regained momentum and high-street assets saw more measured capital flows. Several notable transactions including acquisitions of Shopping Ville 2 in Charleroi, Cora/Galimmo shopping center in La Louvière, etc. underline investors’ continued confidence in well-located and repositionable retail assets.
Prime yields held steady across all retail asset classes in 2025, supported by the compression of short-term interest rates in the first half of the year. High-street assets remained stable, shopping centers continued to trade at consistent levels, and out-of-town retail parks maintained their appeal, reflecting sustained investor confidence in convenience-oriented formats and resilient retail destinations.
Rents & Vacancy
Prime retail rents remained broadly stable across all segments in 2025, with high streets, shopping centers and retail parks all holding steady, reflecting balanced leasing conditions and limited upward pressure.
Retail vacancy patterns continued to reflect the regional differences between the Brussels-Capital Region and Flanders observed in recent years. While vacancy levels remain slightly higher than in the pre-2020 period, the current plateau suggests a gradually improving balance between supply and demand across the Belgian retail market.
Development
New retail development remained limited in 2025, with elevated construction costs, stricter planning framework, and stronger market focus on repositioning existing assets keeping the new-build pipeline rather modest. Even so, a handful of sites are progressing, including ongoing expansions at Tyber Shopping in Menen, new retail park developments in Namur, etc. These projects illustrate that while the pipeline is modest, targeted developments in strong locations are still moving forward.
