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Spanish economy to be boosted by bargain-hunters

THE Spanish Government has predicted a boost for the country’s economy at the start of the new decade, when January sales are expected to make a positive impact on trade.

As the Three Kings’ Day brought an end to the country’s festive celebrations on Monday, many people have been hunting bargain buys.

Spain is home to a plethora of home-grown brands and department stores, high up on the list of favourites for Spaniards, tourists and the thousands of European expats.

Inditex, one of the world’s largest fashion retailers, with eight distinct brands, have already begun their sales, and a study conducted by Fintonic Technology predicts that the

multi-million-euro group will pull in its highest profits this week.

Spain’s largest department store, El Corte Ingles, is also set for a good start to the month, because its online store has already begun its January sales, offering whopping 50% discounts.

Tendam, one of Europe’s leading fashion retailers, established in 1880 as a family-run haberdashery store in Madrid, also made a quick start to its January sales, which began online at the start of the year.

The group, which owns big brands, including Cortefiel, Pedro del Hierro, Springfield, Women’secret and Fifty Factory, is hoping to exceed its annual revenue this year, which saw tax profits surpassing €80.8m in 2018.

For the small-to-medium sized businesses, which, in the last few years have impacted negatively because of the rise in online sales and new consumer patterns, owners have expressed mixed expectations over these winter sales.

For some, it can prove to be an important period for trade, in which shoppers are enticed into their stores in the hope of wrangling a good deal.

However, for many others, the pressure to compete with

big-name brands forces owners to cut down on their costs of goods.

But for those whose accounts are already dwindling, the January sales can threaten their survival.

 

Short URL: http://www.canarianweekly.com/?p=51616

Posted by on Jan 10 2020. Filed under Local News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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