El Corte Inglés accelerates the closing of stores with half a dozen closures before the end of summer | Economy | The USA Print

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El Corte Inglés has accelerated plans to reorganize its stores with the announcement, in the last seven days, of half a dozen closures that it plans to execute before the end of the summer. Since last week the closure of one of the distribution company’s three establishments on Calle de Colón in Valencia became known, other closures have been known, such as that of the La Vaguada and Parque Sur centers in Madrid, and another on the Gran Vía in Bilbao. The men’s clothing store that occupies number 52 on Calle Serrano in the capital and a store in Seville now join the list, in addition to another in Córdoba that no longer had commercial activity.

The closures are part of the plan that the company designed two years ago to tighten the network and balance the accounts, which suffered a severe blow in 2020, with historic losses due to the pandemic. Last year it closed eight centers. And now, just days before the release of 2021 results in which the company is expected to return to profit, it is preparing to execute a new round of closures. The company states that this strategy is part of the general concept of eliminating smaller stores and rentals, in such a way that the large nearby centers are strengthened and better couple operations to online business. The idea is to maintain large stores in which the entire offer can be grouped in one place.

Madrid is one of the most affected points. The space dedicated to men’s fashion on Calle de Serrano had been open since 2015 and the company has decided not to renew the rental contract it had with its owner, businessman Celso García, which ended in July, according to advances The confidential and confirm sources close to the group. The offer of this store, which in the past housed Marks and Spencer until the British firm left Spain in 2001, will now be transferred to the emblematic shopping center that El Corte Inglés has on the same street, just opposite, at number 47 .

Also in the capital, El Corte Inglés will close its stores in the La Vaguada (Madrid) and Parquesur (Leganés) shopping centers before the end of the summer. The deadlines for the planned closures in Madrid will be specified before the end of June. The company’s objective is to promote business in the centers of Castellana (where a major reorganization has been carried out), Sanchinarro and El Bercial.

The list of announcements made in recent days includes the center located at number 20 Gran Vía in Bilbao, whose final closure is scheduled for August. From then on, El Corte Inglés will concentrate all its offer in its emblematic center located at numbers 7 and 9 of the same street. In Valencia, one of the three commercial buildings located on Calle de Colón, at number 1, will close, after rejecting the opening of a outlet and will focus the offer on its two other stores.

Another decision includes the sale of two premises in Andalusia. One of them in Seville, where it has a local specialized in sports. The other, in Córdoba, an old Simago store, had been closed for years.

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Since January, El Corte Inglés has dispensed with other establishments, such as the one on Calle de La Moneda in Burgos or the store located on Calle Vitoria in the same city. A year earlier, eight shopping centers were permanently closed. The most significant, those located in Francesc Macià (Barcelona), Linares (Jaén) or El Tiro (Murcia). In a similar vein, El Corte Inglés has also converted some buildings to transform them into outlet. The shopping centers of Arapiles (Madrid), Sevilla Este or Guadalajara are now stores of discontinued and discounted products.

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