The Swiss watch manufacturer Patek Philippe has taken a decisive step in Spain with the opening of its first stores at Calle de Serrano 62. The new location is in the heart of Madrid’s Golden Mile.
Although the opening took place quietly at the end of February, the Swiss maison has now made the news official. In doing so, the company consolidates its presence in the country and reaffirms its historical connection to the Spanish Suárez Group, which has been a reliable partner for more than 50 years.
The boutique spans 350 square meters across two floors and is designed to offer a complete luxury experience. In the central area, customers can discover the collections with the help of expert advisors. There are also private rooms for collectors. On the upper floor there is an experience lounge that combines a private bar with an ambience that invites you to immerse yourself in the history and philosophy of the Maison.
The decision to open an independent boutique comes at a complex time for the luxury watch industry. Brands such as Piaget have expressed their intention to gradually reduce the size of their stores. The focus is on more intimate experiences and personal care rather than massive expansion. This reflects the pressure of the global market and the need to optimize each individual point of sale.
The slowdown in Switzerland is reflected in the data from the Swiss Watch Industry Association. This reported a decline in export value by 1.7 percent to 25.6 billion Swiss francs (27.9 billion euros) for 2025. Volume fell by 4.8 percent to 14.6 million units. The uncertainty will continue in 2026. It is influenced by the volatility of the US market and the global geopolitical situation.
Against this background, Spain is proving to be a particularly dynamic luxury market. In 2025, the sector grew by six percent and reached a value of 2.14 billion euros.
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