Is the department store of the future located in Madrid?

Struggling department store chains are nothing new. The rise of online shopping has greatly impacted brick-and-mortar retailers. However, an innovative and interactive department store is something unique. Dimas Gimeno, the former president of El Corte Inglés, has realized this in Madrid and is speaking about it at the 73rd International Retail Summit.
22 May, 2023 by
Is the department store of the future located in Madrid?
GDI Gottlieb Duttweiler Institute

Nearly a year ago, the innovative department store "Wow Concept" opened its doors for the first time on Gran Vía Boulevard in Madrid. Dimas Gimeno, the former president of El Corte Inglés, Europe's largest department store chain, allows the sale of tech products, fashion, and home decor in various highly aestheticized thematic zones spread across six floors. The focus is on the experience that arises from interacting with digital gadgets and the staff.

According to Dimas Gimeno in an interview with "Fashion United," the department store has generated €50 million in revenue in just over 365 days. It is now on its way to a new round of financing with the goal of opening a second store in the prestigious Serrano neighborhood, also in Madrid.

Gimeno believes that the reason for the success is the ability to create a brand that offers a unique, innovative, and differentiated product range, along with the additional advantage of a prime location.​

Although digitalization is a prominent topic in the industry, Gimeno suggests that "brands today are more focused on the physical rather than the digital aspect because the digital aspect is already well-covered." The demand is for stores that help "create a community and engage customers in new ways."

Learn more about the future of retail at the 73rd International Retail Summit, which will be held at GDI from 7 – 8 September 2023. On the theme "Rethink Retail: Be Bold, Stay Focused, Earn Trust", leading retail experts and researchers will explain why the ability to focus is becoming the most important retail skill. Sign up now!

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