What: El Corte Inglés has acquired a 3,100 square meter building in Puerta del Sol, Madrid, previously owned by the American fund Kennedy Wilson.

Why it is important: The company aims to expand its commercial offering in the area and is considering connecting the newly purchased building to one of its existing properties.

Following the purchase, El Corte Inglés plans to renovate the building and open it to the public, though the specific commercial use has not yet been determined. This acquisition reflects a shift in the group's real estate strategy, which has included repositioning and divestment activities to adapt to changing economic conditions./nbsp]

In line with this strategy, the company has announced plans to sell real estate assets totaling 3,000 million euros. El Corte Inglés values its real estate portfolio at around 16 billion euros, with the majority attributed to department stores, and additional assets including offices, logistics, supermarkets, and land.

El Corte Inglés purchases a building in Puerta del Sol

What: Chalhoub Group has partnered with Inter Parfums, Inc. for the exclusive distribution rights of Roberto Cavalli perfumes in the United Arab Emirates, Bahrain, Kuwait, Saudi Arabia, and Egypt.

Why it is important: This partnership marks a significant step in luxury fragrance distribution and signals Inter Parfums' debut into major regional agreements. Through this collaboration, Chalhoub Group aims to enhance the presence of Roberto Cavalli perfumes across both physical and digital retail platforms.

With an annual size exceeding USD 800M, fragrances dominate the Middle East beauty market. The partnership is aligned with a localized, consumer-centric approach to build the brand's equity in the region. Roberto Cavalli fragrances will be available in Chalhoub Group's stores in the first quarter of 2024, with plans to extend to India and Latin American markets.

Chalhoub partners with Inter Parfums 

What: Galeries Lafayette review their organisation for their Chinese operations, co-managed with Hopson Grop.

Why it is important: Such operations are strategically crucial in establishing Galeries Lafayette as a global name for fashion conscious customers.

French department store Galeries Lafayette appointed Nicolas Morineaux, an expert in luxury and finance with extensive experience in Asia, as the managing director of its China operations in December 2023. Morineaux, an ESSEC business school graduate, previously worked for 21 years at LVMH, including roles in Japan and as vice-president finance for LVMH's Asia-Pacific fashion division, and later as sales director Asia at Van Cleef & Arpels.

His appointment aims to boost Galeries Lafayette's growth in China, focusing on an omni-channel and multi-universe strategy. The company, which first entered China in 2013, plans to expand to 10 branches in the country by 2025, including a store in Macau, following a joint venture with the Hopson Group.

Galeries Lafayette currently operates 57 stores in France and 10 internationally. It recently decided to close its sole store in Germany and plans to enter India in 2024 with stores in Mumbai and New Delhi through a partnership with the Aditya Birla Group.

Galeries Lafayette appoints an LVMH / Richemont veteran for their Chinese operations

What: Volker Kachele will take over as the Creative Director at Manor starting February 1, 2024.

Why it is important: The newly created position will report directly to the CEO, and Kachele will focus on enriching Manor's 360 approach and working with Manor's Visual Merchandising, Purchasing, and Marketing teams.

Volker Kachele becomes Creative Director at Manor 

What: Boyner continued their tradition of celebrating Retail Employees' Day on December 12th in all of their stores in Turkey.

Why it is important: The day, crafted by Boyner Group,  has been celebrated annually in Turkey since 2012.

This year, the Boyner Group, encompassing 6 companies and over 8,000 employees, celebrated with the theme 'Stars Shine Separately, Shine Together,' including special in-store events and a charitable initiative to support children's education through the Turkish Education Volunteers Foundation. The day, themed "Stars of Merchandising," saw participation from both store and headquarters employees, highlighting the significance of retail staff in the industry.

Boyner celebrates Retail Employees' Day

What: El Corte Inglés has taken significant steps towards promoting sustainable tourism by launching the second edition of its "Tourism for Sustainable Development Guide" and updating its "Tips for Responsible Tourism".

Why it is important: The collaboration with organisations such as FAADA, WWD, Unicef, and Global Compact highlights the company's dedication to sustainable tourism practices.

The updated tips aim to guide travellers towards more environmentally aware and respectful behaviour while visiting destinations. The second edition of the guide offers a comprehensive approach for stakeholders to adopt sustainable practices, with a focus on strengthening corporate sustainability and fostering greater universal accessibility in the tourism industry. The publications are available in digital format on the website and will soon be found in all travel agencies. Additionally, customers can find a section to book sustainable tourism products on the Viajes El Corte Inglés website.

El Corte Inglés takes another step towards sustainable tourism

What: The Galeries Lafayette Group announces the finalisation of the sale of BHV Mrais and BHV Parly 2 to the SGM Group.

Why it is important: Galeries Lafayette has owned the two department stores for 30 years and strongly believes that the SGM Groupe will be the most committed and innovative player to continue growing the stores' potential with the commitment of its teams.

Galeries Lafayette group finalises the sale of BHV Marais to Groupe SGM

What: El Palacio de Hierro reshuffles its human resources department following the departure of its HR director.

Why it is important: The company's human resource department is transitioning under a new leader that comes with years of experience in the retail industry.

Jamy Badillo, who served as the human resources director since July 2021, has departed from the company- finalised on November 17, 2023. Angélica María García Lozano has taken over as the new director of human resources since November 21. García has more than 24 years of professional experience, including 13 years in the retail sector at Walmart and 11 years at Grupo Marhnos.

El Palacio de Hierro reorganised its human resources department and appointed a new director

What: Manor has reopened their Manora restaurant in Geneva with a larger and more innovative space.

Why it is important: The concept aims to combine sustainability and accessibility for all customers with an emphasis on using fresh, local, and organic ingredients.

The restaurant now features seven different food universes, including options for salads, pizza, pasta, coffee, rotisserie, cheese, and international cuisine. It can accommodate up to 800 people, with 500 seats inside and 300 seats on an 80-meter-long terrace overlooking the Geneva Jet d'Eau and Mont Blanc. The restaurant also offers cooking classes and tastings to educate customers about the products and ingredients used.

The Manor chain includes 59 department stores, 27 Manor Food supermarkets, and 23 Manora restaurants, all following an omnichannel strategy.

Manor reopens its Geneva Manora restaurant with a new concept

What: El Palacio de Hierro in Mexico began its holiday season with the lighting of its Christmas tree, which was designed by Dior.

Why it is important: The collaboration between El Palacio de Hierro and Dior showcases a unique luxury experience in Mexico that visitors can enjoy until December 31.

The tree is accompanied by a Dior-signed carousel featuring decorative elements inspired by the fragrances "Miss Dior" and J'adore l'Or. Inside El Palacio de Hierro, there is also a pop-up store dedicated to Dior beauty and makeup products.

El Palacio de Hierro teams up with Dior for its Christmas decor 

What: Nicolas Houzé, the CEO of Galeries Lafayette has been appointed the new president of the Fashion and Luxury Sector Committee (CSF), succeeding Guillaume de Synes.

Why it is important: The CSF aims to serve as a platform for synthesis and information exchange within the industry. Houzé plans to be the voice of all stakeholders, from small and medium-sized enterprises to luxury groups, manufacturers, and distributors.

The CSF represents eight sectors and encompasses a total turnover of EUR 154 billion. Houzé will focus on implementing concrete and pragmatic measures, with an emphasis on sustainable development, digital transformation, and water resource management.

Houzé's main challenges include unifying the sector, obtaining funding for initiative, and gaining support from the Ministry of Culture and Bercy, the French Ministry of the Economy.

Galeries Lafayette's Nicolas Houzé appointed the president of CSF 

What: The Mall Group has undertaken a major rebranding and renovation of 2 malls in Bangkok to focus them as food and dining destinations.

Why it is important: Whatever is happening in experience and dining retail in Thailand should be watched carefully by other worldwide players.

The Mall Group has rebranded and renovated The Mall Bang Kapi and The Mall Bang Khae in Bangkok as "The Mall Life Store" shopping centres.

The concept is "A Happy Place To Live Life" with a focus on food and dining.  Both malls will serve as "Food Destinations", bringing together over 700 leading restaurants covering Thai, Japanese, Chinese, Korean, and Western cuisines.

The Mall Bang Kapi has over 5,000 sqm dedicated to dining including famous local street food vendors, Michelin-rated chefs, and international brands. The Mall Bang Khae also has a 5,000 sqm dining hub with a mix of local favourites, Korean BBQ, Japanese cuisine, and international brands. Both malls feature pleasant outdoor garden dining areas as well as indoor dining floors.

The renovations aim to make the malls foodie paradises and lifestyle destinations for all customer demographics. The Mall Group hopes the rebranding and positioning as dining destinations will increase foot traffic by 20% at both locations.

The Mall Group rebrands 2 stores as food destinations

What: Manor unveils its new Christmas campaign featuring a winter wonderland, Manorland, and the Manor Christmas.

Why it is important: The company aims to incite a nostalgic feeling in shoppers.

Since November 9, the TV spot which is part of the 360° Christmas campaign has been broadcast in a 30-second version as well as in a shorter 10-second version on Swiss television channels, on YouTube and in Manor department stores.

Manor unveiled its Christmas campaign

What: El Palacio de Hierro is partnering with Spanish fashion brand Silbonto to expand into Mexico in 2024.

Why it is important: Silbon's decision to enter the Mexican market first is based on the high demand for their clothing.

They plan to open three points of sale in Mexico City, specifically in the Polanco, Durango, and Mitikah areas. This move is part of Silbon's strategic plan to have a total of seven commercial spaces in Mexico by the beginning of 2025. The company aims to exceed EUR 100 million in sales by 2025 and is currently expanding nationally and internationally.

El Palacio de Hierro welcomes Silbon brand in 3 of its stores

What: The Mall Group is creating 'commercial districts' in three corners of the city, featuring The Emsphere, The Mall Life Store Bang Kapi, and The Mall Life Store Bang Khae.

Why it is important: The creation of 'commercial districts' raises the level of Bangkok's retail landscape and aims to provide a happy life for every family.

The total project value is THB 50,000 million, with THB 2,000 million allocated for celebrating the commercial districts. The Emsphere, a shopping centre in the heart of Sukhumvit area, is set to unveil world-class experiences on December 1st. The Mall Life Store Bang Kapi and The Mall Life Store Bang Khae operate under the concept "A Happy Place to Live: A happy place for every family" and has grand celebration planned for December 8th. The Mall Group emphasizes enhancing the city's vibrancy and raising the level of Bangkok. Various activities and special promotions will be held at The Emsphere, The Mall Life Store Bang Kapi, and The Mall Life Store Bang Khae throughout December.

The Mall Group creates the phenomenon of 'commercial districts' in 3 corners of the city

What: Magasin du Nord has a 70 sqm pop-up store in the Swedish city during November and December.

Why it is important: The department store intends to increase brand awareness on the territory to boost online sales and get more Goodie programme members.

Magasin du Nord opens a pop-up store in Malmö

What: El Palacio de Hierro reopened its Satélite store after investing more than MXN 3,000 million in renovations.

Why it is important: The reopening of El Palacio de Hierro in Satélite after a significant investment signifies the commitment to offering a unique luxury experience and supporting the local community.
The renovated store now spans 37,000 square meters and offers 70,000 SKUs from leading designers and luxury brands. The new store features various concepts, including beauty, gourmet, pet products, and more. The design of the store pays homage to the neighbourhood through its architecture and conceptualization.

The renovation project was led by TPG Architecture and took 33 months to complete.

El Palacio de Hierro reopens its doors in Satélite 

What: El Corte Inglés experienced a 4.5% growth in retail sales until October.

Why it is important: The increase in retail sales for the fashion sector at El Corte Inglés until October is significant as it contributes to the overall growth of the company and plays a crucial role in driving its operating income during key sales periods like Black Friday and Christmas.

This increase can be attributed to the fashion and food sectors, along with corresponding price increases due to inflation. Without considering the impact of CPI, the sales growth would be 1%. The increase in fashion prices reached 2.2% until October. The textile sector saw a 2% growth in sales compared to the previous year.

In the 2022-2023 fiscal year, El Corte Inglés' turnover increased by 22.5%, with the fashion business being the main driver. The change in temperatures and the arrival of autumn boosted fashion sales in late October.

The upcoming period, including Black Friday and Christmas campaigns, holds significance for the company, as it generates 40% of its operating income during this time.

El Corte Inglés increases its retail sales by 4.5% until October thanks to fashion

What: Breuninger was awarded the German Retail Prize by the German Trade Association.

Why it is important: The award recognises the company's innovative integration of online and physical retail strategies, customer-centric focus, and successful adaptation to the evolving retail landscape, setting a benchmark for excellence in the industry.

Breuninger received this accolade during the Germany Trade Congress held in Berlin from November 15-16, 2023. The award, presented in the medium-sized business category, acknowledged Breuninger's effective integration of online activities, strong customer focus, strategic growth through physical expansion, innovative formats, and an emphasis on customer experience. The CEO of Breuninger, Holger Blecker, accepted the award from Mark Rauschen, President of the Textile Trade Association (BTE), in front of approximately 800 retail industry guests.

Breuninger wins German Trade Prize

What: The Breuninger flagship store in Munich celebrated the festive season with a grand Christmas party, themed "A Night of Joy."

Why it is important: Breuninger CEO Holger Blecker and Munich managing directors Alexander Entov and René Weise hosted around 600 guests, including celebrities from various fields at the newly designed store.

Breuninger hosts a Christmas party in the former Konen in Munich

What: Berlin is pushing to transform the Galeries Lafayette building into a library at the end of the lease.

Why it is important: Many wonder about the feasibility of such a project, not to mention the fact that this has been a historical location for the store

Berlin's culture senator, Joe Chialo, is proposing the transformation of the French department store, Galeries Lafayette, located on Berlin's Friedrichstrasse, into the city's first central library. The city has debated the need for a central library for over a century.

Chialo is looking to purchase the building, Quartier 207, currently leased by Lafayette, from its US owner, Tishman Speyer, estimating the project's cost at EUR 589m (GBP 510m).

With the store's lease ending in 2024 and considering challenging retail conditions, the space could become a library by 2026. While some are sceptical about the building's suitability and costs, librarians and the German Library Association view the proposal as a once-in-a-century opportunity.

The building, known for its architectural appeal, offers a spacious and light-filled structure, which could rejuvenate the area and provide a communal center for the city.

Berlin city hall is pushing to transform the Galeries Lafayette building into a state library

What: El Corte Inglés is in talks with banks to extend the maturity of their debt to 2029.

Why it is important: This move would allow El Corte Inglés to continue benefiting from low-interest debt in a time of rising interest rates.

The company had previously secured a loan of EUR 2.6 billion in 2022, and now it wants to extend the repayment period by one year. The debt reduction efforts made by the company in recent years have contributed to its improved financial position. In the fiscal year ending in February 2023, El Corte Inglés reported a 22.5% increase in revenue, reaching EUR 15.3 billion. The positive performance of the company's business activities led to a significant increase in net profit, reaching EUR 870 million.

El Corte Inglés negotiates to extend the maturity of the debt to 2029

What: Galeries Lafayette remains true to their DNA by opening and operating their foundation, Anticipations.

Why it is important: Department stores are not only here to sell products, but also to create emotional bonds with their clientele so that they remain loyal.

Guillaume Houzé, part of the family that owns Galeries Lafayette, Europe's largest department store chain, discusses the store's rich history and its strong ties to culture and art. Founded by Théophile Bader in 1894, the store quickly grew and incorporated grand architectural designs, including Art Nouveau staircases and a prominent glass dome.

Houzé wears multiple hats. Apart from overseeing the brand's image, he's also the president of the National Association for the Development of the Fashion Arts and serves on boards of Christie's France and the Municipal Museum of Modern Art. While retail is deeply embedded in his family's traditions, Houzé's art fascination was particularly influenced by his art-loving grandparents.

Notably, he founded Lafayette Anticipations, a unique private museum in Paris. While it has a collection of its own, it primarily serves as an innovative space for artists to craft new pieces. Architect Rem Koolhaas transformed a 19th-century building into this dynamic space, complete with a versatile steel-and-glass exhibition tower. Unlike traditional museums, Anticipations aims to be a 'toolbox' for artists, offering a place to create and display their work. Houzé views this initiative as an extension of his family's legacy of intertwining retail with art and culture.

Galeries Lafayette place art and artists at the heart of their business

What: Jonak has opened a coffee shop on the 4th floor of Galeries Lafayette Haussmann in Paris.

Why it is important: The opening of a coffee shop by Jonak allows customers to experience a unique combination of trying on shoes while enjoying a coffee, bridging the worlds of fashion and lifestyle.

The pop-up shop will be available from October 26th to November 14th. Customers can try on Jonak shoes while sipping on espresso, cappuccino, or mocha infused with tonka bean. The brand has also created a campaign featuring their top ten favourite cafes in Paris and incorporating them into a city guide. This venture follows Jonak's previous foray into the culinary world by collaborating with bakeries in September. Jonak is known for its high-quality shoes and has recently opened a new silver shop-in-shop at Galeries Lafayette Champs-Elysées.

Galeries Lafayette Haussmann opens a café as a showcasefor Jonak