El Corte Inglés

The Spanish department store group was founded as a tailor shop in the street Preciados in the Spanish capital. Ramón Areces Rodríguez buys the shop and transformed it into a retail empire. Isidoro Álvarez was the president of the company that relieved the initial owner and with him the group expanded in its local territory and expanded also internationally, starting with Portugal.

The Spanish group of department stores has reduced its debt in 347 million euros during the first half of the year, situating it at 3.65 billion euros at the end of that period (between March and August).

El Corte Inglés partners with Almacenes Siman to enter Central America with Sfera

The Spanish giant has signed an agreement up with the Salvadoran company of department stores, partner also of Inditex in Central America, to start operating in Costa Rica, El Salvador and Guatemala.

El Corte Inglés beats Inditex: 4.96 billion fashion sales in Spain in 2017

The department stores corporation settles fashion development in three keystones: own brand sales, third party sales and its independent chain Sfera.

El Corte Inglés opens up to Aliexpress in Madrid with a pop up store

The Chinese e-commerce platform already made the leap offline a year ago in the neighbourhood of Malasaña with a pop-up store in order to get ready for the Single’s Day campaign.

El Corte Inglés brick-and-mortar footprint valued at 17.14 billion euros

As of February 2018, the Madrid-based department store group operated with 94 centers in Spain and Portugal. Two of El Corte Inglés real estate assets are worth over 500 million euros each, while the majority are near the 200-million price tag.

El Corte Ingles profit soars 24.9% under the new management team

The Spanish department store chain ended fiscal 2017 with a turnover of 15.93 billion euros, 2.8% more than in the previous year.

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El Corte Inglés partners with Alibaba and lands in China with Tmall

The Spanish group of department stores and the Chinese e-commerce giant Alibaba have signed a partnership that addresses from trade agreements to technologic ones in order to speed up digitalisation.

El Corte Inglés tightens its belt: creates purchasing central to reduce 20% of expenses

The Spanish group of department stores will create a purchasing central that will be in charge of managing the hiring of telephonic services, electricity, gas, transport, security, cleaning services or maintenance.

El Corte Inglés grows 1.3% in the first half

The department store group has reduced its debt by 253 million euros (278.8 million dollars) in the first half of the year.

Spanish fashion brands coincide in pointing out that the shareholder crisis that the department store chain is going through doen’t have a direct impact on commercial negotiations. However, they admit that pressure on profit margins has increased in recent months.

In the midst of an internal war between shareholders, the Spanish group is now considering a move that would subject it to the short-term demands of investors while it faces a major long-term strategic transformation.

The Spanish department store chain holds today a key board reunion, with a last-minute topic introduced on the agenda: the approval of a plan to go public, a move that would strengthen Dimas Gimeno’s position as El Corte Inglés’ chairman.

Tsutomu Okuda, chairman and CEO of Japanese group J. Front Retailing, owner of department store chains Daimaru and Parco, assures that there is only room for one store for every million consumers.

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