| El
Corte Inglés (lit. The English Cut, meaning The English Dressmaking,
because of its origin) is Spain's largest department store chain. In 1934,
the founder Ramón Areces bought a tailor's shop (which had opened
in 1890) located on one of Madrid's most centric streets, the calle Preciados,
and constituted a limited company. In 1940 he turned it into the current
corporation El Corte Inglés, S.A. Upon Areces' death in 1989, his
nephew Isidoro Álvarez was named his successor and quickly became
one of the most powerful men in Spain. In 1995 El Corte Inglés bought
out its only serious competitor, Galerías Preciados, which had entered
bankruptcy. |
|
Liceu