November 24, 2020

Inditex will close its stores at Madrid and Barcelona airports



Inditex has made the decision to shortly close the stores that it had operating in the Spanish airports of Madrid-Barajas and El Prat in Barcelona, as recently reported by the textile group to Aena. The textile company must now negotiate the rental contracts for the spaces with the airport operator, according to what the digital newspaper Vozpópuli said earlier today, recalling that the airport manager announced at the beginning of the crisis its commitment not to collect rent from its tenants before the total collapse of passengers.

Sources close to Inditex have confirmed to Efe that the decision to close the stores that the group has at the two Spanish airports, Madrid-Barajas and El Prat, was something that was being studied within “the integration strategy and the development of online »launched. They have also pointed out that “the decision has been able to accelerate due to the intense drop in air traffic” since the state of alarm was declared by COVID-19 on March 14.

Inditex must now analyze with Aena the slocation of each of the six stores It has in both airports, two in Zara, two in Massimo Dutti and two in Uterqüe, and see how this activity is absorbed, online or in the commercial network.

Inditex, which currently has a presence in approximately a dozen airports around the world, made a decision a few years ago to also close the stores it had at London’s Heathrow airport.

At the moment, the company has not ruled on whether the decision to leave Spanish airports when closing its stores will extend to the rest of the world.

The coronavirus crisis has caused Inditex suffer losses for the first time in its history and in its first fiscal quarter, from February to April, it left 409 million euros for the closure of its stores during the pandemic.

In this context, the president of the company, Pablo Isla, presented a plan for the next two years, according to which the company will accelerate and expand your strategy in anticipation of the digital transformation so that online sales account for 25%, while 1,200 stores will close this year and the next.

Isla linked the “store concentration” plan to the “last eight years” strategy and its long-term projects, and not to the coronavirus crisis.

Aena, which presented its results for the first half of the year last Tuesday, lost 170.7 million compared to profits of almost 559 million a year ago, due to the drop in air traffic as a consequence of the mobility restrictions imposed to stop the expansion of the coronavirus.

Aena’s income from the Minimum Annual Guaranteed Income (RMGA) corresponding to the period of the alarm state (from March 15 to June 20) amounted to 198.6 million euros, given that there is a contractual right to receive them from AENA.

These rents will form part of the contractual negotiations that the company now plans to have with each of the commercial operators.

Aena has negotiated other measures with the companies that provide service at airports, clients and tenants, in relation to the impact of the pandemic, and the amount deferred for different concepts amounts to 83.6 million euros, of which correspond to the commercial operators 18.6 million and airlines 65 million

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