El Corte Inglés ranks 3rd in department store ranking

What: The leading department stores in the world ranked by revenue

Why it is important: The ranking highlights the financial trends within department stores that from regional strength to optimism on forecasted performance.

Major companies have seen a 3% increase in revenue since last year despite adjustments in the sector.

The top 10  list is as follows:

Macy's: remains the leader with sales of over EUR 20,000 million.

Kohl’s: anticipates a drop in revenue in 2023.

El Corte Inglés: cost optimization strategies greatly increased net results.

Nordstrom: the only company on the list that managed to exceed pre-pandemic revenues.

Marks and Spencer: plan to close 25% of large format stores in the next 5 years.

Falabella: closure of 5-10% of stores in Peru, Colombia, and Chile.

JC Penney: developed its cosmetic chain but sales are 16% below 2019 figures. 

Signa: joint venture with Hudson Bay to create merged company Galeria Karstadt Kaufhof which then filed for bankruptcy protection and began to restructure.

Hudson Bay: two waves of layoffs in the previous year. 

Isetan Mitsukoshi: plan for 2023 is to improve loyalty and reduce costs.