El Corte Inglés, one of Spain’s biggest retailers, has decided to sell one of its least profitable assets, its shopping centre in the Vista Alegre area of Madrid, to one of 3 supermarket chains: Carrefour, Leclerc and Alcampo, with Alcampo being the most likely buyer.
The property, which has a surface area of 12,000 m2, is one of four buildings in the Community of Madrid that the retail giant has identified as not being profitable, hence its inclusion in the divestment plan.
The company’s directors are currently on a mission to review a quarter of El Corte Inglés’s shopping centres, to determine whether they can be used in a more profitable way, or whether they should be sold or closed down. Additionally, the company intends to reduce the size of a dozen of its stores to further limit its losses.
