Spain’s retail sales fell -1.4% MoM in January, the largest monthly decline since December 2023, and on an annual basis were up 2.2% YoY, down from 4.0% YoY in December.

• Ex gas stations, retail sales were still down -1.4% MoM as gas station sales fell -0.4% MoM.
• The decline was led by non-food sales down -2.0% MoM. Food sales were only down -0.1% MoM.
• Department stores noted a large decline in sales of -1.7% MoM.

• Retail employment was down -1.7% MoM in January but up 1.4% YoY