In 2025, the German retail investment market will remain in an area of tension between stabilised financing conditions and ongoing economic uncertainty. Although inflation and interest rates have calmed down, economic growth, consumer confidence and investment momentum remain subdued. This is the result of the current “Annual Report Retail Investment 2025” by Robert C. Spies.
“We are observing a stabilization of the macroeconomic conditions, but not yet a nationwide market recovery. Investors continue to act very selectively and with a clear focus on sustainable cash flows,” explains Uwe Trocha, Head of Consumer Markets and Discounters at Robert C. Spies.
Transaction market differentiates Major transactions over 50 million euros remained the exception in 2025. Instead, the number of smaller individual deals and portfolio sales increased slightly. The role of international investors, who continue to assess Germany as a comparatively stable market, is striking. “Above all, financially strong foreign investors with a high equity ratio are currently acting as buyers. At the same time, the purchase price expectations and return requirements of many market participants are still divergent,” says Trocha.
Refinancing as a possible price driver Expiring bridge financing is increasingly coming into focus. If follow-up financing does not succeed, additional selling pressure could arise – with corresponding effects on the price level. “The next one to two years will show how sustainable individual financing structures are. Where refinancing fails, supply increases – and this can lead to further price adjustments,” explains Trocha.
Retail properties remain anchors of stability While high-street properties and classic shopping centers continue to be selectively valued, the segment of retail parks and food-anchored properties is recording stable to slightly increasing demand.
With around 36,000 locations and more than 50 million customer contacts every day, the food retail sector is considered structurally resilient. Investor interest is correspondingly robust. “Food real estate continues to be one of the most stable asset classes in a European comparison. The combination of systemically relevant use, tenants with strong credit ratings and long-term leases ensures reliability, especially in volatile times,” says Trocha.
