LOOKING to increase overall profitability this year, El Corte Inglés takes over Madrid based gourmet food business.
IN a short statement released on July 1, El Corte Inglés announced that it had completed a transaction to take over Madrid based gourmet supermarket chain Sanchez Romero for an undisclosed sum.
Supermercados Sanchez Romero is a Spanish company founded in 1954, which specialises in food and consumer product retailing, with a number of its products already on sale at El Corte Inglés own supermarket chain Supercor and Hipercor superstores.
2020 was not a good year for the department store chain, except for online and instore sales of grocery products and by taking over this company, it says that the “transaction strengthens El Corte Inglés’ foothold as the leader in high-end supermarkets, with a broad and unique sales proposition.”
Sanchez Romero has 10 supermarkets in Madrid, with over 9,000 square metres of combined sales floor. It also owns a 4,000 square metre distribution hub in Alcala de Henares (Madrid), where the Company also has its offices and headquarters.
The company is noted for its broad, varied and unique product and service offering, as well as the type and formats of its stores, and the high quality of its fresh products.
It currently has 419 employees and reported €61 million of revenue with €6.2 million net profit in 2020.
The company’s current manager, Enric Ezquerra, who took over the company in 2017 is staying on and there are likely to be plans to expand the chain into other major cities throughout the Spanish peninsula.
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