Arroyosur el corte inglés

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The expansion plans were the brainchild of the late Isidoro Álvarez, the third president of the El Corte Inglés family saga. The data supporting the plan was the best result ever recorded by the department store: it achieved a turnover in 2007, closed on February 28, of 17,990 million euros and a net profit of more than 716 million euros. Investment in this uncontrolled expansion therefore continued. Between 2006 and 2012, the group spent €7.04 billion on centers located in road junctions with hardly any buyers. As is the case with Arroyosur.

All this deployment of means and business strength meant the indebtedness of the group. If Ramón Areces -second president of the conglomerate- drew on the fortune of his uncle, the founder of El Corte Inglés (César Rodríguez), Álvarez did not have that cushion.

That is why Arroyosur is a living example of the beginning of the consumer crisis, but also of another of the big problems of department stores: not knowing how to adapt to the times. Despite the adjustments implemented by Corte Inglés, the succession of Isidoro Álvarez to his nephew (Dimas Gimeno) – as the family tradition dictated – unleashed an internal war that overshadowed many of the strategic decisions that had not been taken and led to the current family conflict.

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The transformation of the center will entail an investment of 100 million euros, of which more than half will be borne by the companies that are part of this project, and its implementation will generate between 800 and 1,000 jobs, which will contribute to the commercial revitalization of the southern area of the Community of Madrid.

“It is good for Madrid, because it is a commitment to the future for the south of the capital. The Arroyosur center (Leganés) is very large, has indoor and outdoor spaces, as well as being a very well communicated location,” Sotillos stressed.

The center has a space of 170,000 square meters, of which more than 60,000 square meters will be dedicated to the commercial offer, which will have 125 stores dedicated to different brands, while it will have 20 more dedicated to its gastronomic offer.

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In this regard, El Corte Inglés opened two weeks ago a large outlet in the center of Madrid, in the Arapiles neighborhood, with a renewed proposal, incorporating a space reserved for premium brands with discounts of up to 70%, with a space also, The Coffe Gallery, reserved for art.

The blow suffered by national and international tourism can be seen in the data recorded by its Travel business. In this case, sales have plummeted by more than 88% to 309.1 million, recording a negative ebitda of 136.6 million.

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LEGANÉS / 8 APRIL 2019 / El Corte Inglés will transform the Arroyosur shopping center in Leganés into an outlet store to improve sales at the El Bercial shopping center (Getafe), two complexes that target the same population and are separated by a few kilometers of distance.

The company has opted for a commercial formula that consists of selling out-of-season products of various brands, since they leave a large commercial margin. However, the possibility of converting the center into a warehouse for electronic sales has not been ruled out.

The brand will carry out this measure in the context of an action plan aimed at reducing debt. To this end, El Corte Inglés has planned the closure of four centers throughout the country and the transformation of four others.

Patricia Gómez

Bienvenid@, soy Patricia Gómez y te invito a leer mi blog de interés.