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The competitive landscape in health and beauty specialist retailers in Spain is highly fragmented, due to the importance of independent outlets, which accounted for an 88% share of the total number of outlets in Spain in 2013. Chemists/pharmacies need a special license given by the authorities. As a consequence, chains are not allowed to enter the market, as sales of certain medicines are mainly restricted to traditional chemists/pharmacies. The opening of a chemist is strictly regulated depending on the population area and distance from other outlets; as a consequence, the price of opening or purchasing a chemist sometimes reaches three to four times the yearly turnover of an outlet, which makes entry into this channel restricted to cash-rich investors.
The updated economic forecast from the IMF in mid-2013 predicted that the Spanish economy will see the first signs of economic recovery in 2014, with growth still likely to be very weak. No more tax adjustments are expected in 2014, although the government has expressed an interest in committing a tax review in 2014 in order to increase the collection of taxes and avoid fraud from big corporations that do not pay their duties in Spain. Consumer demand will remain weak due to the fragile economic situation, and the high level of unemployment is expected to remain unchanged. As a result health and beauty specialist retailers is set to see a rather flat value performance at constant 2013 prices over the course of the forecast period.
Discover the latest market trends and uncover sources of future market growth for the Health and Beauty Specialist Retailers industry in Spain with research from Euromonitor's team of in-country analysts.
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