MAJOR RETAILERS SHOW REAL RECOVERY SIGNS

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This Christmas season is looking like being the first spark to a real explosion in growth into next year, as some of Spain´s major retailers are showing positive signs for the future for the first time in many years.

Swedish multinational clothing firm Hennes & Mauritz (H&M) has announced that it will open 8 new online stores across Europe in 2015, including serving Spain from August. The aim is to bolster their high street activities, which has seen 356 global stores open this year alone, bringing the total number of retail outlets in the group to 6,393 in 88 international markets. In Spain, the company´s sales increased by 11% in the first quarter of the year, with the overall sales in October increasing by 14% over last year.

Meanwhile, department store El Corte Inglés are also showing significant signs of recovery, having announced that they will employ an additional 2,000 people during the Christmas period this year, the first time they have done so since the economic crisis took hold in 2008.

The Christmas period accounts for 20% of their annual sales and increases to 50% in certain sectors such as toys and perfume. Ikea and Carrefour have also announced similar recruitment drives as part of their strategy to boost consumption this season.

December 2013 was the first Christmas period that showed a positive growth for El Corte Inglés, with a 0.6% increase in sales above the 2.1% average increase of the year, and as income tax cuts become effective on the 1st of January, they hope that more people will be ready to spend even more of their disposable income than ever before, marking a real turn around in the economy of the country as consumer spending starts to increase naturally.

Filed under: http://www.theleader.info/article/45667/

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