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The CEO reveals in London that the firm will bring forward by one year the opening of 'low cost' macro stores in the center of Barcelona, Valencia and Bilbao Inditex appeals a fine from the Brazilian Government for “labor irregularities” Zara relies on its online sales platform in Greece to resist the corralito El Corte Inglés takes the international leap: it will open shopping centers in Mexico, Italy and Peru New Primark on Gran Vía. New Primark on Gran Vía. Primark has just confirmed that it plans to double its size in the Spanish market. Behind this announcement lies a strategy designed to the millimeter to unseat Inditex from leadership in the textile sector if it manages to overtake it, with the opening of sophisticated macro stores under its low-cost model, in adaptation to post-crisis Spain. As El Confidencial Digital has learned , through sources in the sector, the Irish company is convinced that the situation in which the country will be left after several years of deep economic crisis will take time to return to what it was before . They take into account that we must prepare for a post-recession Spain, in which consumers will have less spending capacity to invest in purchasing clothing. These are the reflections, at least, that the CEO of the British group made in a recent meeting with analysts in London. He argued that customers have become more price conscious during the crisis and also that, according to experts, wages will remain low for years to come.
He also anticipates that Spain can close this year with sales growth in the textile sector close to 5% . The distance with Inditex is bridgeable Given this future projection, according to sources familiar with the company's plans, Primark does not overlook the fact that it is a good time to expand in Spain , especially in the 'low cost' model. Inditex and the Swedish H&M invoiced 18,120 million and 18,858 million, respectively, in the last financial year. These volumes are still far from Primark's levels worldwide , which stand at 6,696 million. But in the case of Spain, that distance is Middle East Mobile Number List not so significant. This circumstance has put him in the race to overtake him if he is able to acquire the clients of post-crisis Spain , with lower purchasing power. The British company is the second single-brand textile distribution group. Above is still Inditex , which is the absolute leader with 3.7 billion euros in sales. Primark closed the last financial year with 972 million in turnover. With these figures, it now manages to place itself above H&M , which had a turnover of 600 million. Furthermore, it only has 40 stores compared to the Swedish company's 159. In this way, the company's leadership plans to maintain double-digit growth , relying precisely on the opening of macro stores, and achieve the objective of standing up to Amancio Ortega's textile firm in the Spanish market.
Macro stores in Barcelona and Bilbao Primark has already announced that it plans to look for more urban locations for its stores , although it recognizes that to do so it needs buildings with very specific characteristics that allow it to establish its establishment model. exp-player-logo The Pombo sisters open the channel with Pablo Motos The initial plans did not contemplate such an immediate massive deployment in Spain . But these favorable conditions for the 'low cost' model that will be presented in the coming years have led the company's leadership to promote and advance its arrival in the country. In this way, as its CEO also announced this Sunday in an interview, the company plans to double its size in Spain . It will do so by opening new stores, as well as expanding the 41 existing ones. Next year, at least new establishments will open in Palma de Mallorca and Valencia, according to the executive, who also pointed out that the next street-level “macro stores” could open in central commercial areas of cities such as Barcelona or Bilbao . With 41 establishments and 7,300 workers, Spain is its second largest market , only surpassed by the United Kingdom (164) and ahead of its country of origin, Ireland (36), where it operates under the Penneys brand. Convert Zara stores into Lefties Meanwhile, Inditex also has a plan underway to remove stores from large stores and install them in the most commercial avenues .