El Corte Inglés has just announced the transfer to the Carrefour group of the business of 47 Supercor stores. The operation reaches 60 million euros and is expected to close before the end of the first half of 2024.

The scope of the transaction includes supermarkets and convenience stores located especially in strategic communities for Carrefour such as Madrid, Catalonia, Andalusia and Valencia. The Group plans to convert the acquired stores to the Carrefour Market, Carrefour Express and Supeco brands.

The transfer is part of El Corte Inglés's strategy to grow in the food area "with the opening of new large-format supermarkets, with the aim of developing a network of differentiated establishments, with a wide and quality commercial offer, and a level of service in accordance with the Group's standards".

In this context, the company has transferred to the Carrefour group the business of 47 Supercor supermarkets, considered "non-strategic", retaining ownership of the properties owned by El Corte Inglés. It implies that El Corte Inglés transfers practically 25% of the Supercor it owns, given that in total it has 195 establishments.

"The agreement for the transfer of the business establishes certain obligations for the maintenance of employment," the statement reads. As indicated by the company, the fine print of the agreement assumes the maintenance of the active templates currently in the establishments.

Currently, the Group's food division has different formats: El Corte Inglés Supermarkets, Hipercor, Supercor, Sanchez Romero, and the Gourmet Club stores. To these are added the more than 550 supermarkets that operate at Repsol gas stations, under the Supercor Stop & Go brand.

The growth project includes the opening of El Corte Inglés Supermarkets at street level, outside the chain's commercial establishments, in premises of between 2,000 and 2,500 square meters, with a proposal of quality products and services, in line with those it already owns today.

The first step of this expansion project was the inauguration, last April, of the first El Corte Inglés Supermarket located in Sotogrande (Cádiz) which has a wide range of fresh products, a select wine cellar and an area of ready meals, among other services.

Likewise, the company plans to open new supermarkets of the Supercor brand, between 800 and 1,500 square meters, which will allow it to continue developing its store park. The new establishments will include a wide and quality commercial proposal at competitive prices.