Madrid's Car Ban in Central Area Linked to 9.5% Rise in Retail Spending, Bank Says
What happened
According to a Forbes report, an analysis by Spain's second largest bank found that closing central Madrid to cars led to a 9.5% boost in retail spending. The report says the city's shops and restaurants saw higher takings.
When it started
The Forbes article is dated March 8, 2019, based on its URL. The analysis refers to the most recent Christmas period before publication, though the exact dates covered are not specified in the material provided.
How it spread
The city banned cars from its central business district (CBD), according to the report's description. The figure comes from the bank's analysis as reported by Forbes; the underlying methodology and data were not included in the provided sources.
Why it matters
The findings suggest a link between reduced car traffic in the city centre and higher spending at local retailers. The provided sources do not say whether the effect is expected to last or apply to other periods or cities.