Isidoro Álvarez, the shareholders’ meeting on 25 August. / Atlas / Luis Sevillano
Tan only five days separated the death of two of the major Spanish companies. The Emperor of banking, Emilio Botín, survived him less than a week the emperor of the distribution, Isidoro Alvarez. Both had 79 years of age. Alvarez died Sunday at the Hospital Universitario Puerta de Hierro Majadahonda in Madrid, where he was admitted after suffering a respiratory crisis in the early hours of last Wednesday, the day he died Booty.
Isidoro Álvarez died of an “unexpected heart attack” after improving his condition in recent days, according to the company. Respected by his friends and feared by his enemies, Isidoro Alvarez was barely 18 when the hand of his uncle Ramón Areces, started working at El Corte Ingles, a family business that started from below and which reached the higher based on two of his main personal facets: tenacity and commercial intuition. Observer and methodical, began working at El Corte Ingles, a family business in times of economic hardship trying to emulate the department store business had already successfully launched its big domestic rival Atlantico Department.
Born in Borondes (Asturias) in 1935, Alvarez made compatible his first job in his uncle’s tailor shop to scholarship always wary of being more favored form on site, in this case foot store, face to face with the customer. He completed his career in economics at the Complutense University of Madrid in 1957 with just 22 years and with honors.
Cunning, intuitive, much given to talk, his closest collaborators showed him respect almost reverential even when he was a young director who still had no great power in the distribution firm.
In the 24 years since he was appointed director of the company and in 1966 was appointed director general manager. This appointment marks the beginning of the great takeoff distribution warehouse, based on the quality of service, product and brand concepts that implements Alvarez as large commercial weapon in a Spain still closed to international winds. Alvarez was the prototype of the self-made entrepreneur in Spain pushed by development and free of management techniques which later incorporated the management of the large companies.
Reserved, extremely discreet, allergic to the media, Isidoro Alvarez, lives its peak in 1989 when after the death of his uncle assumes the presidency of the group El Corte Ingles, right on the 75th anniversary of the company. At that time, the struggle between the two great giants El Corte Ingles and Gallery Atlantico begin to opt for the former. Isidoro Álvarez, he visited incognito establishments both marks, smells up the weakness of the enemy in the treatment of dependents. Along with his colleagues designed a national plan of expansion and diversifying the brand with other formats like Hipercor Supercor Opencor and later Bricor, Sfera, Telenor, Viajes El Corte Ingles … The strategy to promote and diversify the brand strikes a moral blow to its rival, Atlantico Department, which had for years and losing muscle with commercial financial problems
Started work in the company of his uncle Ramón Areces to 18 years
In full national expansion, international dizziness always occurred, the opportunity arose in 1995 to purchase a Atlantico Department. The story is treacherous. The major commercial rivals in Spain there was always the English Court and Department Atlantico He became the same company despite contrary oaths that made her two mythical founders (and Pepin Fernandez Ramón Areces) throughout your life . On September 1, 1995 Alvarez stamped signature buying his great rival, was in full settlement after suspending payments. El Corte Inglés had played hard and had crouched until the last minute to play his cards in a typical maneuver a cold calculating mind like Isidoro Álvarez.
One day before signing the purchase with Javier Gómez-Navarro, then Commerce Minister Alvarez was about to cause mayhem by showing reluctance minister last minute agreement. Everything was resolved and the Government on the pitch, the most important operation in the history of the distribution in Spain was closed. The English Court of the commercial sector as Emperor XXI century reached cruising speed and economic muscle that allowed it to finance own card with your customers
In 1966 and is CEO and gives a boost to the trade group
The history of the English Court can not be understood without the figure of Isidoro Álvarez though he has left his address major unresolved: the internationalization of the brand. Alvarez was always reluctant to cross borders with their large warehouse model. He considered that customers do have nationality various idiosyncrasies. In 2001 the Spanish company opened its first center in Portugal, a country that already has two stores. The advent of the Internet has been the instrument used for international expansion in the UK, Netherlands and Ireland.
The financial crisis that began in 2008 and then led to the collapse of consumption has dealt a serious blow to the distribution group that has barely supported the sales. In the last fiscal year, which ended last February, he won 174 million, 6.2% more than in the previous year, representing the first profit improvement from the beginning of the crisis. The group employs 93,000 people, 3,000 fewer than a year earlier, a decline the company attributed to the completion of temporary contracts and voluntary redundancies.
The turbulent times of the last crisis that the company had made last year to restructure 4,900 million bank debt, which had to issue bonds for 600 million and to sell 51% stake in Financiera El Corte Ingles to Banco Santander
In 1995, bought Atlantico Department, his great rival, who was on clearance
Isidoro Álvarez, accustomed to a high rate of work, as noticed in recent months his health decline and had begun laying the groundwork for a future replacement. Already last year, the chairman of the English Court, appointed as CEO of the company to his nephew Dimas Gimeno, who has trained professionally in the group and that the cockles of a firm that needs to modernize the management know.
Perhaps this argument, detected by several experts in management of commercial distribution, Isidoro Álvarez himself last July surprised the market with the appointment of Manuel Pizarro, a manager with extensive experience in the world of finances well related to the PP government, and banking and knowledgeable about the guts of the income statement. Isidoro Alvarez leaves a consolidated business group but should regenerate to link with the times of the distribution and, especially with the younger generation.
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