Portugal’s retail sector's rapid upward trajectory shows no signs of slowing down, supported by strengthening consumer confidence and sustained economic resilience.
New data from Statistics Portugal has revealed that the number of Large-sized Commercial Units (UCDR) increased to 3,800 in 2024—a 2.9% year-on-year rise, following a 0.7% growth in the previous year.
As investment in modern retail infrastructure nationwide continues, demand from both consumers and businesses for large-format commercial solutions grows.
Employment figures confirm this momentum. The retail sector now supports 130,500 workers, a 3.8% annual increase that outpaces last year’s growth. Meanwhile, turnover rose to €26.0 billion, and sales increased to €25.8 billion, both with a 5.2% growth in 2024.
Supporting this trend, transaction volumes climbed 5.8%, reaching 1.2 billion transactions across all large-scale retail units.
Meanwhile, food retail generated €18.3 billion in sales, a 4.9% rise. Non-food retail also continues to perform well, growing 6.1% to €7.5 billion. Private-label goods remain a key trend behind the sector's growth, with own-brand sales reaching €8.6 billion and achieving their highest-ever share of 47% in all food retail sales.
This growth is reflective of the country's broader economy. According to preliminary figures from Statistics Portugal, GDP increased by 2.4% year-over-year, representing an acceleration from the 1.8% expansion recorded in the previous quarter.
Quarter-on-quarter, the economy grew by 0.8%, following 0.7% in the second quarter, underscoring a steady upward trajectory.
Paul Stannard, Chairman and Founder of Portugal Pathways, believes the retail sector’s strong growth also adds to Portugal’s growing appeal as an investment destination:
“Portugal’s large-scale retail sector posting such gains signals that the country’s economy is not only resilient but accelerating. Growth in commercial units, jobs, and spending shows a maturing market that continues to reward long-term confidence.
“For international investors, this reinforces Portugal’s status as one of Europe’s most stable and opportunity-rich environments. At Portugal Pathways, we see this momentum as further proof of the selection of opportunities available to investors, especially international investors via Portugal’s Golden Visa programme.”
Through an investment of €500,000 in a Golden Visa-eligible alternative investment fund, international families, investors, and entrepreneurs can gain exposure to Portugal’s retail sector—alongside other attractive areas such as healthcare, renewable energy, and hospitality.
Golden Visa residency by investment holders also benefit from visa-free travel across 29 EU Schengen countries and a long-term pathway to EU citizenship, while extending the benefits of their Golden Visa status to qualifying family members. Investors are only required to spend a minimum of 7 days per year in Portugal to maintain their residency status.
You can learn more about Portugal’s Golden Visa residency by investment programme here.
About Portugal Pathways
Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on estate planning, wealth management, Golden Visa and tax optimisation, including post-NHR / IFICI tax regime planning, as well as private healthcare, money transfers and bespoke relocation and luxury real estate solutions to enhance life and investment in Portugal
Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (P Club for short) websites and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice. Golden Visa investments need to be held for 6 to 7 years to allow for permanent citizenship/passport in the EU.
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