23 August 2018 – Eje Prime
Sfera is freeing up 1,000 m2 of space in the centre of Madrid. In September, the fashion chain owned by El Corte Inglés is going to abandon the store it currently occupies on Gran Vía, with a useful commercial surface area of 600 m2. The company has decided not to renew the rent that tied it to the recent purchaser of the building, the US fund Thor Equities.
Located at number 30 on the Spanish capital’s main commercial thoroughfare, surrounded by competitor brands (Inditex, H&M, Tendam and Primark, amongst others), the store is no longer of interest to Sfera, which has justified its departure on the basis of the small size of the store for the exhibition model that it is developing, according to Cinco Días. The chain has occupied this three-story establishment (comprising the first, ground and basement floors) since 2005.
Sfera is immersed in a process to renovate and reorganise its business plan for its commercial activity in the centre of Madrid. The company recently remodelled its store at number 4 Calle Preciados, which has a surface area of 2,500 m2 spread over five storeys.
The objective of the chain is to strengthen the presence of its store on Preciados so that it will become the firm’s flagship store in the centre of Madrid. Similarly, Sfera is going to start work soon on the renovation of its store at number 56 Calle Fuencarral. The company’s portfolio of retail assets in the centre of the Spanish capital is completed by a second establishment at number 118 Calle Fuencarral and the concession stands it has in the El Corte Inglés stores in the area.
In total, Sfera renovated 26 of its stores in Spain in 2017. With a presence in 15 countries besides Spain, where it opened its newest store just a few months ago in Fuengirola (Málaga), the chain is investing considerably in the international real estate market. The clearest example is Mexico, where the firm has 45 stores, all operated as franchises.
Original story: Eje Prime
Translation: Carmel Drake