MADRID – El Corte Inglés is undergoing a major reorganisation and optimisation of its stores. For example, two centres in Seville and Córdoba are closed, as well as the flagship store for luxury menswear in Madrid.
The distribution giant has already announced that it will leave the MAN luxury menswear centre on August 1. In addition, the company hopes to raise €50 million with the sale of two central stores in Seville and Córdoba. The consultancy Knight Frank will take on this task.
The MAN concept dates back to 2015 when the group opted for a store exclusively dedicated to luxury menswear. This included brands such as Berluti, Dior, Marc Jacobs, Alexander McQueen, Giorgio Armani, Tom Ford, Isaia and Ralph Lauren. This concept was supplemented. with a gastronomic offer ‘gourmet experience’ on the 6th and 7th floors of the building. However, the numbers have never been convincing in the mere seven years of its existence. Consequently, that led to the decision to leave the building. It had previously been decided to move to the neighbouring centre of Serrano 47. This was where VROUW was located exclusively for luxury women’s fashion.
The Serrano 52 building is owned by businessman Celso García, who sold his retail business to the Hachuel family nearly three decades ago. He acquired it through H Capital. Two years later, H Capital sold the chain to Cortefiel and Marks & Spencer, who had just formed a joint venture to consolidate the UK chain’s growth in Spain. But the English adventure lasted a little over a decade, and in 2001 it closed all its centres in Spain. Taking advantage of this vacuum, El Corte Inglés was able to take over the property with the signing of a lease that expires next month.
This closure is in line with the announcement of other historic stores such as La Vaguada or Parquesur, which will also close their doors this summer. In Córdoba, El Corte Inglés has decided to sell the old sales centre on Calle Jesús y María, in the heart of the city; while in Seville it launched the 4,700 square meter sports store in Plaza del Duque de la Victoria.
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