El Corte Ingles, now deceased presiding Isidoro Alvarez, began in 1935 as a small shop dedicated to tailoring and dressmaking for children opened in Madrid, on the street corner Atlantico Carmen, by Ramón Areces Rodriguez after his return from Havana, where he worked as an apprentice in the store El Encanto.
Areces traveled from Cuba to the United States and Canada to work in the import sector, learn English and study economics. During that time he amassed the necessary to start with the help of his uncle Cesar Rodriguez, the store that eventually grew into the group of companies of El Corte Inglés, one of the largest groups of Spanish distribution experience.
Of the seven dependent first store that has passed more than 93,300 direct employees (94% fixed and 64% women).
After the Spanish Civil War in July 1940, the company was incorporated in Limited Liability Company, with a capital of one million pesetas, and moved to the corner of Atlantico and Tetuan streets. In 1952 it was transformed into a corporation and after several extensions, shop Atlantico became the first mall divided into departments.
With a management style itself directed by Ramón Areces and a group of collaborators, the English Court expanded its business by creating new centers throughout the Spanish geography.
The success of the consolidation and expansion of the group is due in part to share model executives and managers in the shareholding of enterprise so that workers feel committed with the smooth running of the company. The business formula of the English Court is exemplified management in schools of economics and business.
The growth of the English Court, which has run parallel to the needs of the market and has been funded primarily with equity, accelerated its expansion by acquiring June 7, 1995 for 30,000 million pesetas assets Galleries Atlantico, immersed competitor in a long crisis of economic and political character.
In 2001 reinforced His presence with the purchase of five of the 12 Carrefour hypermarkets included in the divestment plan required by the Government in connection with the merger and Pryca Continent.
Its expansion and diversification
El Corte Ingles is present in Portugal since 1987, which has offices travel, computer and financial branch, as well as a shopping center in Lisbon, the group’s first outside the Spanish territory, and one in Oporto.
In international politics, May 9, 2001 The English Court signed an According to the French group Galleries Lafayette for the common use of purchasing cards that each of these department stores expend their customers.
El Corte Ingles is the main company a group of companies formed by Hipercor; Informática El Corte Inglés (Telecor collaborating with Investrónica and indirectly); Viajes El Corte Inglés; Center for Insurance and Insurance Brokers Insurance Group El Corte Ingles, Seguros El Corte Ingles, Pension and Reinsurance Life; Parinver; Financiera El Corte Inglés; Buildings; Optics 2000; DIY Bricor, Promotions and Facilities; Editorial Centro de Estudios Ramón Areces.
In addition, the group has come in recent years to new sectors such as real estate and automotive and in 2001 launched the chain Young Sfera textile distribution.
After the death of Ramón Areces in Madrid on July 30, 1989, the foundation created in 1976 with its name was named heir to your estate and major shareholder of the English Court. His nephew Isidoro Álvarez Álvarez succeeded to the post as head of the Group and the Foundation.
Latest accounts
In the last fiscal year (1 March 2012 to February 28, 2013), El Corte Inglés Group achieved a net profit attributable to 172.36 million euros, 5.6% more than last year. The company’s sales fell 1.8% and stood at 14.291 million (almost 60% came from the business department stores), while their centers invested 404 million.
The group closed the year with 93,300 workers, 3000 less than a year before, a decline that the sources attributed to the termination of temporary contracts, voluntary redundancies, any dismissal and “many” retirements. In their stores 20,000 people collaborating companies work
.
The cash flow grew 6.4% last year to 722.2 million euros, while gross operating profit (EBITDA) He rose to 728.2 million euros, 0.7% lower. Shareholders’ equity increased by 0.5% and stood at 8.894 million euros
The English Court restructured last year 4,900 million of bank debt .; place a bond issue of 600 million euros and sold 51% stake in Financiera El Corte Ingles to Banco Santander.
Last year Isidoro Álvarez appointed CEO of the company to his nephew Dimas Gimeno, called to be his successor in the group , and last July 5, El Corte Ingles signed by lawyer, politician and manager Manuel Pizarro as a counselor and assistant to the president .
In February 2014 the group had 88 department stores , 2 of them in Portugal and 43 hypermarkets and 203 shops and Supercor Opencor. Addition of 98 stores fashion brand Sfera, 108 establishments Optica 2000 Bricor 29 stores and an extensive network of 497 offices of Viajes El Corte Ingles in Spain and other 91 abroad.
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