Rabat luxury jewelry takes over from what was Serrano's oldest store

Historical change in Serrano 30. The place where it was the oldest store in Madrid's gold mile, Matarranz, will now be occupied by Rabat's luxury jewelry and watchmaking firm.

The firm already has a shop in Serrano 26, dedicated to the sale of jewelry. However, the new shop at number 30 will not be like this shop, but will be aimed at the watchmaking brands with which the Catalan company works.

Founded by Esteve Rabat in the Badalona of 1977, jewelry is a flagship brand between the Spanish 'jet set', from Barça players to royalty figures. Apart from the Madrid store, the firm also has premises in Barcelona, Valencia, Tarragona and Ibiza. In watchmaking, Rabat is an official distributor of international brands such as Rolex, Hublot, Panerai and Omega, among others.

This place, located to the right of Serrano 30 (on the left is the Geox shoe store), had been the point of sale of the clothing brand founded by the Matarranz family since 1941. It was acquired in 2019 by the BMO real estate fund, owned by the Bank of Montreal. The fund then paid 20 million euros, in an operation advised by Ascana, a consultant who has also managed the new rental of this asset.

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Matarranz opened in 2019 store in Lagasca 21, just two streets behind Serrano. As the current director of the business, Miguel Matarranz, explained at the time, in statements to'La Información', the company sought by this move to get closer to the architecture and interior studios that prevail in the neighboring street, also preserving "the spirit of the neighborhood". This household tailoring firm is also known among vips. Matarranz himself often tells in interviews that, during the last visit of the Crown Prince of Saudi Arabia to Madrid, he dressed the bedroom with the products of the house.

Located on Madrid's gold mile, Serrano is the most emblematic and important artery for the Spanish luxury and retail business. In recent months, he has experienced several operations: among the last openings are the fashion firm Gant (precisely in the old Rabat place, at number 32), the Italian luxury ski clothing Moncler, jewelry one of 50 or the Swiss watchmaker Hublot, among others.

Already in the 2020 report, Ascana's consultant pointed to what she described as' eucalyptus effect'. With an increase in availability on the big streets, the most powerful 'retailers' now seek to move to street establishments like Goya or Serrano itself, arriving from adjoining roads such as Claudio Coello or Lagasca, reducing commercial heat in neighboring roads. This area of the Salamanca neighborhood closed 2020 with an average monthly income of between 80 and 120 euros per square metre, recording a 30% fall from the coronavirus. In terms of profitability for the investor, the report placed it at 5 per cent, "given its stability". "investors have been cautious waiting for recovery to carry out their operations," he said.