25 June 2017 – Expansión
The company will open a store on Madrid’s retail ‘golden mile’, taking over a space that was vacated by Cortefiel.
Leroy Merlin will land in Madrid’s centre in the first quarter of 2018, after investing nearly five million euros in a 2,500-square-meter commercial area that will generate 100 jobs, according to a statement by the company.
The DIY retail chain is thus following in the footsteps of other multinationals such as Ikea and Media Markt, which have been opting to create presences in the centres of major cities.
The company’s first urban store in Madrid will be located on Raimundo Fernández Villaverde 43-45, taking advantage of the fashion company Cortefiel’s sale of one of its flagship stores, on Madrid’s golden mile.
Leroy Merlin Spain’s director of development, Juan Sevillano, highlighted the importance of the opening. “This store in the city centre follows on the heels of another announcement, a few weeks ago, of a new store in the centre of Barcelona and the recently opened store in Vigo, which is also located in the centre of the city,” he noted, regarding the company’s decision to position itself in city centres.
“This strategy is the result of Leroy Merlin’s constant attention to the changing needs of its consumers, who are demanding closer geographical proximity,” he explained.
Leroy Merlin plans to continue opening stores in city centres after opening the stores in Madrid and Barcelona. “The company intends to look for other locations in the centres of other major Spanish cities,” Sevillano stressed.
The new store will create approximately 70 direct and 30 indirect jobs and will specialise in projects and decoration, offering its consumers more than 10,000 items for sale.
Leroy Merlin Madrid will join the other nine points of sale that the company currently has in the region. This inauguration is part of the firm’s 2017-2021 expansion plan, in which it expects to open 31 stores in Spain, in an investment of more than 608 million euros.
The French multinational closed 2016 with an increase in net profits of 5.02%, to 93.18 million euros. Leroy Merlin also set a new sales record in the year, reaching 1,931 million euros, 8.6% more than in 2015.
Original Story: Expansión / Europa Press
Translation: Richard Turner
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