13 Jan 2020
The Spanish government has forecast the economy to surge as the new decade kicks off, boosted by January sales, expected to positively impact nationwide trade.
As the festive season slowly came to an end for yet another year, several shoppers will now be scavenging through piles of goods marketed at a lower price, as the January sales kick in.
Due to its vast selection of home-grown brands and department stores, Spain is a hotspot for frequent shoppers both local, as well as for tourists and European expats. Inditex is one of the world’s largest fashion retailers, with eight popular brands under its wing including Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqüe, all franchised all over Europe. Inditex launched its January sales only one day after The Three Kings Day, which to some marks the end of the festive season.
Fintonic Technology estimated that the mult-million-euro company will reel in its highest profits during its first week of sales, with consumers expected to spend an average of €82 each at the group’s various multinational branches and stores.
El Corte Ingles, Spain’s largest department store, was also set for a solid start to the month, with its online sales already having kicked off earlier in January, offering discounts of up to 50%.
Tendam, one of Europe’s top leading fashion retailers founded in 1880 as a family-run business located on Calle Romanones in the capital of Madrid also kicked off their January sales early, launching them online on January 1. The group, which is the parent company of several well-known brands including Cortefiel, Pedro del Hierro, Springfield, Women’s Secret and Fifty Factory, hopes to surpass their annual revenue in 2020, which last year witnessed tax profits exceeding €80.8 million.
For smaller and medium-sized business however, business owners have expressed mix emotions over their outlook for January sales, due to the fact that many have been negatively impacted by the rise in online consumerism. For other hopefuls however, this period can prove to be a fruitful one in terms of trade.
Many face the monstrous competition of big-ticket brands, forcing smaller business owners to slash the prices of their goods. For these few, January sales are a much-feared period which can threaten the future of their business.