Spain recorded real GDP growth of 2.6% in 2016 and even if the unemployment rate in the country remains high and despite political instability have a negative effect on consumer confidence, the gloomy days of the economic crisis seem to be over, for now. As a result of this more optimistic scenario, Spanish consumers have started increasing their consumption expenditure, boosting growth in mixed retailers.
El Corte Ingles is by far the largest player in mixed retailers in Spain and this is due to its very well-known brand, which recently celebrated 75 years of business in 2015 with emotional television commercials focusing on how important the retailer has been in the lives of Spaniards during all the years of its existence. The company’s main strategy has been to focus strongly on apparel and footwear, with Inditex being one of its major competitors. The success of Inditex’s low-cost fast fashion model even encouraged El Corte Ingles to reduce its prices as much as possible during the review period. Nevertheless, the strength of El Corte Ingles lies in the fact that it also offers a wide range of luxury goods, which has enabled it to distinguish itself from its competitors and their low-cost products.
The most important factor which is it to drive growth in mixed retailers over the forecast period is Spain’s improving economy, which is expected to continue growing, registering positive real GDP growth and declining unemployment rates throughout the forecast period.
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This industry report originates from Passport, our Retailing market research database.