MADRID – In a strategic move, El Corte Inglés has reached an agreement with Carrefour to sell 47 of its SuperCor stores for an amount of €60 million.
This transaction is part of El Corte Inglés’ strategy to focus on opening new, large-scale supermarkets in city centres. The deal is still awaiting approval from competition authorities. However, it is expected to be completed by the end of the first half of 2024.
Non-strategic stores are being sold
The 47 supermarkets sold are mainly located in Madrid, Catalonia, Andalucia and the Valencia region. El Corte Inglés emphasised that these stores are considered “non-strategic.” However, the company retains ownership of the buildings in which these supermarkets are located.
Extensive food distribution chain
El Corte Inglés currently has a diverse food distribution portfolio, including El Corte Inglés Supermarkets, Hipercor, Supercor, Sanchez Romero, and Club del Gourmet stores. This is supplemented by more than 550 Supercor Stop&Go supermarkets at Repsol petrol stations.
2,000 to 2,500 square metres
The company announced that it wants to expand its store network. New El Corte Inglés Supermarkets will be in retail properties of 2,000 to 2,500 square metres. Moreover, these stores will offer a wide range of high-quality products and services.
In April, the starting signal was fired with the opening of a new El Corte Inglés Supermarket in Sotogrande, Cádiz. Among other things, this store offers a wide range of fresh products, an exclusive wine cellar and a prepared meals department.
Carrefour is converting new stores into its own formulas
On the other hand, Carrefour has announced that it will convert the acquired stores into several of its own formats, including Carrefour Market, Carrefour Express and Supeco. The purchased stores are primarily located in areas that are strategically important to Carrefour and are expected to benefit from Carrefour’s brand strength and purchasing terms.
Further diversification of Carrefour in Spain
With this acquisition, Carrefour will strengthen its position in Spain by diversifying its store network and growing to more than 1,500 stores nationwide. According to the company, this acquisition fits in with its strategy to focus on “winning formats”. In addition, the converted stores will benefit significantly from Carrefour’s strong brand value and commercial policies.