Madrid offers arguably some of the best shopping in not only Spain but also Europe, and with so many shopping districts all touting their own specialities, visitors can find just about anything and everything! With small, specialised stores, boutiques and antique shops as well as the slightly bigger department stores and bustling food markets, Madrid is a shopper's paradise.
The city's answer to Bond Street, dubbed 'the golden mile', Salamanca is one of Madrid's most glamorous places to indulge yourself and stretch your credit card's legs, while Chueca is filled with trendy fashion stores. El Corte Ingles at Sol is by far the most convenient place for shopaholics to get their fix, selling all kinds of goods from high fashion to regional foods like Chorizo (spicy sausage) and Turron (a kind of nougat). One of the most popular markets is Rastro, attracting Madrileños and tourists alike. It has become famous for its antique stalls, second hand goods, jewellery and unreliable electrical goods and is held every Sunday from morning until mid-afternoon.
Most shops close on Saturday afternoons and in July and August some small shops close completely. On Sunday, a handful of shops open their doors as well as some of the larger stores and small cake shops. Practically everything in Spain closes for siesta for at least two hours during the hottest part of the day and the usual reopening hours are from around 4.30pm to 8pm.
Tourists from outside the EU can apply for a tax refund on goods bought within Spain. A sales tax (VAT) of 16 percent is levied on most goods and services in the country and the specified minimum amount spent before claiming a refund is €90.16 in Spain. Shoppers can also purchase goods from shops participating in the 'Europe Tax-free Shopping' programme and they should look out for the ETS logo displayed in shops' windows.