What: According to the report, Global Powers of Retailing by Deloitte, El Corte Inglés is the 93rd largest firm in the retail sector worldwide.

Why it is important: The 250 countries on the list increased their income by 8.5% in relation to 2021 and El Corte Inglés has contributed to Spain being the sixth country in Europe with the highest share of revenue in retail sales, with an average turnover of 16.8 million euros among the five main national companies in the ranking.

El Corte Inglés ranked among the hundred largest firms in the retail sector

What: Spanish luxury brand, Loewe, has set up a dedicated point of sale at El Palacio de Hierro.

Why it is important: Thanks to El Palacio de Hierro, Loewe Perfumes has made a nod to Mexico with its second permanent location in North America.

El Palacio de Hierro confirmed that Loewe will have a permanent space for its fragrances at the luxury department store. The luxury brand will display a wide variety of its perfumes, flavorings, and candles in various presentations and prices.

Loewe brings its line of fragrances to El Palacio de Hierro

What: Galeries Lafayette is launching the theme 'Mediterranean Mania' for the spring-summer 2023 season.

Why it is important: Galeries Lafayette is supporting Fondation de la Mer through the event, as customers will have the opportunity to round up their total to donate to the foundation.

From April 5 to May 28, the department store will host 'Mediterranean Mania', inspired by the shores of the Mediterranean.

The event will highlight the Mallorcan shoe brand, Camper, two pop-up stores from Valentino and Aquazzurra, Spanish sandals from Hereu, Levantine cuisine, and a partnership with Maison de l'artisian du Maroc.

Galeries Lafayette sets sail for spring-summer 2023 

What: SM Investments Corporation reported its net income grew 53% to PHP61.7 billion in 2022 from PHP40.4 billion in 2021. Consolidated revenues hiked 28% to PHP553.8 billion compared with PHP432.4 billion last year.

Why it is important: Banking contributed 45% to net income with property accounting for 23%, retail contributing 21% and portfolio investments the remaining 11%. SM Retail reported revenues of PHP378.2 billion, from PHP304.0 billion, up 24%. Net income increased 86% to PHP17.9 billion from PHP9.6 billion.

SM continued to expand its retail footprint. THE SM STORE opened four new stores in 2022 in Cubao, Makati, Quiapo and Delgado. The food group, which includes SM Supermarket, SM Hypermarket, Savemore, Alfamart and Waltermart added 231 new stores in 2022. By the end of the year, SM Retail added a total of 348 new stores across the entire portfolio for a total of 3,512 outlets, consisting of 72 The SM Stores, 1,611 specialty retail stores, 65 SM Supermarkets, 54 SM Hypermarkets, 215 Savemore, 82 WalterMart and 1,412 Alfamart stores.

The total assets of SM grew 9% to PHP1.5 trillion. SM maintains a healthy balance sheet with a conservative gearing ratio of 35% net debt to 65% total equity.

SM grows net income by 53% in 2022 

What: The retailer has presented an incentive redundancy plan for employees over 59 years old. The plan includes transferring staff from HQ to stores.

Why it is important: The goal is to strengthen the stores and improve customer service. The initiative will be agreed upon, coordinated and managed with the workers' representatives, with whom conversations have already begun.

In 2021, El Corte Inglés already undertook a workforce adjustment plan, based only on voluntary departures. At the end of last year, the group commissioned Accenture with a strategic plan to reduce structural costs with the aim of improving efficiency and margins and automating tasks in the areas of logistics and customer service.

At the end of 2021, the group employed 79,804 people, with an average seniority of 16.1 years. 93% of workers had a permanent contract and 70.7% worked full-time. The number of employees who may join the incentive redundancy plan at 500.

El Corte Inglés incentive redundancy plan 

What: Porsche brand pop-up opened at Breuninger in Karlsruhe

Why it is important: Breuninger has developed a new concept area that offers customers curated experiences, unique visits, and shopping moments with the goal of creating a special shopping experience for is customers.

In an exclusive collaboration with Porsche Center Karlsruhe, the B_place area is transformed into a place of full inspiration, individual pieces, and the opportunity to realize oneself. The "Create Your Own Masterpiece" concept allows visitors to design their own masterpiece for the Porsche Taycan which is then projected on the vehicle. The pop-up can be found at Breuninger in Karlsruhe until March 4th, 2023.

B_place by Breuninger is the place to be

What: El Corte Inglés has remodeled its representation on the Sephora board in Spain by appointing José Maria Folache as president of the board of directors for the Sephora Cosméticos España.

Why it is important: Until now, the representation of El Corte Inglés in the company was through the financial director.

Sephora, which operates in Spain through a joint venture with El Corte Inglés, has appointed José María Folache, general director of retail for the group, as president of the board of directors for Sephora Cosméticos España. El Corte Inglés has also incorporated its new director of strategy, corporate development and investees in the department store group, Jaime de la Hera to the board.

The group's presence in the country is widespread, with 120 points of sale

El Corte Inglés places José María Folache on the Sephora board of directors

What: Department store group, El Corte Inglés has increased its sales by 7% during its Christmas sales.

Why it is important: The department store group has reported revenues above pre-pandemic levels and could close the year with a profit of more than the 120 million euros it obtained last year.

In the first two weeks of its sales, El Corte Inglés has increased its sales by 10%. The department store's revenues are above 2019 levels and is headed towards recovery.

Experts forecast El Corte Inglés will register a gross operating result of 1,000 million euros in the period and could close the year with a profit of more than 120 million euros.

The group's success comes in the middle of an adjustment period for the company as they aim at reducing structural costs. In 2021, El Corte Inglés closed with a growth of 21.9% in its turnover, up to 12,508 million euros, and a net result of 120 million euros.

El Corte Inglés increases its sales by 7% in the Christmas campaign

What: European Investment Bank and El Corte Inglés have signed a financing agreement of up to €74 million that will enable the company to strengthen its energy efficiency and digital transformation plan up to 2024.

Why it is important: The investment plan will be key to El Corte Inglés' innovation. The investments financed will enhance business processes in many areas and also assist the company in expanding its cybersecurity capabilities.

The agreement will help the Spanish company achieve its energy-saving targets and its goal of producing renewable energy for its own use. El Corte Inglés' energy efficiency plan includes improved refrigeration, lighting, and air conditioning in its department stores and network of facilities; it is expected to save up to 176 GWh of energy and generate around 12 GWh of renewable energy a year.

The support from EIB for the plan is in line with the European Green Deal, the REPowerEU initiative, and the EU Fit for 55 package.

El Corte Inglés secures EIB support for energy efficiency and innovation plans with a loan of up to €74 million

What: Shaken by the collapse of the ready-to-wear brand Camaïeu and sportswear retailer Go Sport in receivership, the staff representatives at Hermione People group & Brands (HPB) are mobilizing to find out more about the 25 affiliated Galeries Lafayette stores financial and strategic situation.

Why it is important: This procedure aims at obtaining explanations from the management about the situation of the 25 Galeries Lafayette affiliates, acquired in 2018 and 2021 by Financière Immobilière Bordelaise (FIB), the parent company of the HPB group. An expert report is expected by mid-February. The staff representatives also sent a letter expressing their concern to the management of the Galeries Lafayette group.

HPB Whistleblowing for the 25 affiliated Galeries Lafayette

What: Breuninger has partnered with RECUP for a cross-location circular deposit system, offering a reusable alternative across all its restaurants, bars, and cafés.

Why it is important: With a focus on its guests, Breuninger is offering an environmentally friendly solution in its shopping areas, allowing customers to use their gastronomic offer sustainably.

Breuninger has partnered with RECUP for a cross-location circular deposit system, offering a reusable alternative across all its restaurants, bars, and cafés. They are offering an attractive, reusable solution for guests in all of their gastronomy destinations. The circular deposit system allows customers to save packaging waste and sustainably experience the restaurants, bars, and cafés Breuninger has to offer.

Breuninger Gastronomy offers RECUP / REBOWL at all locations

What: SM is increasing its focus in provincial areas where local economies are growing faster.

Why it is important: SM is optimistic and reaching more communities as they invest in the future growth of the Philippines and see tremendous potential.

Over 80% of SM's new retail stores are in provincial areas where local economies are growing faster and a good chunk of growing overseas remittances flow into. SM Retail currently operates over 3,300 department stores, groceries, and specialty retail stores.

SM Prime Holdings Inc. also opened four malls in 2022, further expanding into the provinces. SM Prime has 58 malls in the provincial areas and 24 malls in Metro Manila.

SM Development Corporation is also set to grow and expand in the provinces which should help narrow the housing gap. Additionally, SM also continues to invest in the tourism potential of the Philippines through its hotels and convention centers.

SM invests in growth through expansion to reach more communities

What: SM Investments is among the six SM companies recognized as the top-performing companies in the Philippines as part of the ASEAN Asset Class.

Why it is important: The ACGS, hosted by the Institute of Corporate Directors Philippines, is an initiative to recognize the valuable efforts of publicly listed companies in the region to elevate the standards of corporate governance in their respective industries.

SM Investments Corporation (SM Investments), SM Prime Holdings Inc., BDO Unibank Inc. (BDO), China Banking Corporation (China Bank), 2GO Group Inc., and Belle Corporation were recognized among the top-performing companies in the Philippines as part of the ASEAN Asset Class.

Six SM companies cited in ASEAN Corporate Governance Scorecard Awards

What: Benjamin Fuest, who has been Chief Sales Officer at Breuninger since October 2020, is now also taking over the Human Resources department.

Why it is important: In this position, Fuest is responsible for around 6,500 employees. CFO Marcus Weller had previously managed the department on an interim basis.

Fuest joined the company in 2012 as managing director of the Stuttgart store. He took over the management of the purchasing department in June 2016. Before joining Breuninger, Fuest worked for the Calvin Klein brand and the Düsseldorf fashion retailer Peek & Cloppenburg.

Breuninger's Chief Sales Officer takes over HR management

What: French group Fnac will close 10 stores at Manor, representing almost all of its shop-in-shops in the German-speaking part of Switzerland. Also, Decathlon is putting an end to the operation of its 3 points of sale in Manor stores.

Why it is important: The partnership with Fnac, launched with Manor in 2021, included the opening of 27 stores at Manor nationwide. 17 points of sale within Manor will be kept.

The 10 Fnac stores, to close between April and the end of June, saw lower footfall compared to French-speaking Switzerland. Decathlon shop-in-shops will close at the beginning of February 2023. Each partner remains open to other forms of short- and long-term collaboration, according to Decathlon.

Fnac and Decathlon to close stores at Manor

What: After 20 years at Maus Frères group including 4 years leading Manor, Jérôme Gilg will be replaced by Roland Armbruster starting 1 February.

Why it is important: Armbruster will be responsible for further strengthening the differentiation and attractiveness of the department store. In addition to the development of the product range, his priorities will include the expansion of digitalisation and the simplification of processes, with the aim of creating more agility while strengthening the service provided to customers.

Roland Armbruster, currently CEO of Gruppo Coin, has over 20 years of experience in the retail industry. He has held various management positions, including CEO, COO, Director of Strategy and Head of Business Development during his professional career, which included stints at KaDeWe, Karstadt, De Bijenkorf and Breuninger.

Jérôme Gilg exits Manor, Roland Armbruster to take over

What: SM Prime's Hans T. Sy was recognized for his contribution to nation-building and resilient support of the country through sustainability and disaster risk reduction at The Outstanding Filipino (TOFIL) Awards 2022 held on December 12 in Manila.

Why it is important: Also dubbed the Filipino equivalent of the Nobel Prize, Sm Prime's Hans T. Sy TOFIL Award not only honours his personal strength of character and integrity but his success in integrating sustainability and resiliency into the framework of the SM Group's operations

Under Sy's leadership, SM has been a major player in disaster relief efforts and community assistance with initiatives such as the SM Yolanda Housing Program and COVID-19 vaccination programs. As well, Sy helped form the ARISE Philippine Network, which fosters more public-private sector partnerships for capacity building, technological innovation, and sustainability in underserved communities.

SM Chairman Hans Sy recognized at The Outstanding Filipino Awards

What: El Corte Inglés is installing 15 ephemeral Christmas market spaces in various cities in Spain and Portugal offering gifts, decorations and gastronomy products.

Why it is important: El Corte Inglés is complementing the Christmas offer of its department stores with its ephemeral Christmas markets which offer products and family activities.

The flagship Christmas market is the one that the company has installed on Paseo de la Castellana in Madrid, which has 50 booths, including food trucks and stalls selling gifts and toys. The other cities in which El Corte Inglés has installed markets are Valladolid, Valencia (with two spaces), Alicante, Murcia, Cartagena, Barcelona, Girona, Tarragona, Málaga, Granada, Jaén, Porto and Lisbon.

El Corte Inglés sets up Christmas markets across Spain and Portugal

What: Seven of SM's companies have received top taxpayer awards from Pasay City.

Why it is important: SM Development Corporation (SMDC) topped the Business Taxes category in first place followed by The SM Store at the third spot, SM Prime Holdings Inc. claimed sixth place, with Super Shopping Market Inc. and SM Investments Corporation ranked eighth and ninth in the same category, respectively.

For the Real Property Taxes Category, SM Prime, placed first on the list while SMDC, Shoemart Inc., and SM Retail notched the third, sixth, and seventh spots, respectively.

The awards are among the highlights of the 159th founding anniversary of the City of Pasay which recognized the Top Taxpayers for both Business and Real Property Taxes Categories whose support and contribution has been unwavering support to the development of the sector.

SM companies receive top taxpayer awards

What: As SM pursues expansion and growth, it contributes to increasing economic activity and growing business resilience that support hundreds of thousands of micro, small and medium enterprises.

Why it is important: SM acts as a marketplace to over 90,000 MSMEs partners, helping them navigate mainstream retailing by providing SM's retail store space as platforms to help master their entrepreneurial skills and grow their businesses; and provide holistic support through marketing advice, financial access as well as promotion and advertising.

These MSMEs make up 99.5% total business enterprises in the Philippines and generate over 5.3 million jobs or 62.7% of the country's total employment.

SM Supermalls' Start-Up Market program in high-traffic malls also helps budding online entrepreneurs to put up kiosks in SM malls without the burden of costly rental fees and construction costs.

SM supports MSME communities

What: El Corte Inglés has become the first department store in the world to get a Michelin star thanks to chef Dabiz Muñoz.

Why it is important: Just six months after opening RavioXO in El Corte Inglés' Gourmet Experience at its Castellana's location, the restaurant earned its first Michelin star awarded to chef Dabiz Muñoz who started working with the department store group 10 years ago.

The new Michelin star in Madrid is the second restaurant that chef Dabiz Muñoz has opened inside an El Corte Inglés store. A new StreetXO location is currently under construction and will open in a new location in the coming weeks.

El Corte Inglés becomes the first department store with a Michelin star

What: Ulrike Möslinger, former manager of the gourmet department, will succeed Philippe Hugot as director of Galeries Lafayette in Berlin.

Why it is important: Ulrike Möslinger replaces Philippe Hugot, who is leaving the company after eight years, as Managing Director.

Hugot has held the position of director since 2015. Möslinger has been with Galeries Lafayette since 1997, briefly leaving for two years before returning to head the gourmet department and sit on the management board.

Galeries Lafeyette in Berlin appoints new director

What: El Corte Inglés backtracks and cancels the sale of two of its assets in the market, a store in Puerta del Sol and Torre Titania, both in Madrid, as a response responds to the success of its divestment plan in non-strategic assets.

Why it is important: With this plan, accompanied by the closure of some of its non-strategic shopping centres, the group seeks to consolidate its recovery and the good progress of its business in the last year when it registered a profit of 120 million euros and increased its sales by 22%.

El Corte Inglés cancels sale of its assets

What: El Corte Inglés laid the foundations for a new stage in 2022, with new leadership and an accelerated reorganization of its retail along with its agreement with Grupo Mutua which contemplates going public before 2028.

Why it is important: The leap, made without another of the company's shareholders, will see the continuation of El Corte Inglés reinforcing its team to focus on transformation, operations, technologies and people while power will also be diversified and supported by a delegated executive commission.

The agreement with the insurer, Grupo Mutua, which was made with 8% of the group's capital for 555 million euros, contemplates going public before 2028.

El Corte Inglés prepared for the stock market in 2022