Cristina Álvarez takes over El Corte Inglés with €650 million investment plan

Cristina Álvarez lands at the helm of El Corte Inglés with €650 million in tow

Can €650 million put El Corte Inglés back at the centre of the shop window? Cristina Álvarez has just been confirmed as the seventh chairwoman of Spain's retail giant, taking over from her sister Marta, who had been at the helm since 2019. The new chairwoman, who also assumes the presidency of the Fundación Ramón Areces (the largest shareholder with 40%), has announced a €650 million injection for the fiscal year starting on 1 March, one piece of a strategic plan worth €3,000 million in total. The official goal: remodel stores, upgrade technology and logistics, and expand business lines.

Same plan, same scepticism

To many, the investment sounds like déjà vu. Remodelling the stores —again—, when heights and layouts were already changed a few years ago, raises doubts. The attempt to catch up with Amazon in logistics and data comes late, and expanding into new businesses sounds like a rudderless adventure (dog insurance?). Meanwhile, in stores such as the one in Vigo, remodels have turned spacious supermarkets into something resembling a Carrefour Express, with toiletries before the food and coffee prices above €4. Customers are not convinced.

The shadow of the past and the inheritance

The Álvarez sisters reached the top after a court battle that recognised them as universal heirs of Isidoro Álvarez, who adopted them when they were already adults. Isidoro's nephew, the presumed original heir, was left out. This lurid past, while it does not affect the business plan, adds layers to a story where confidence in family management is far from unanimous.

An uncertain future between nostalgia and innovation

The question hanging in the air is whether €650 million is enough to halt the erosion of El Corte Inglés, caught between the memory of its glory days and the need to reinvent itself. The more creative proposals —such as charging customers to try on clothes or including Filmin in the premium membership— clash with a customer base that sees more Christmas lights than real change. The new chairwoman faces a huge challenge: proving that this time it is not just a fresh coat of paint. Because if the plan is to repeat the 1990s playbook, it may be time to take a stroll through the Gourmet club and do the maths.