Inditex

Inditex made Amancio Ortega a billionaire. Now he is also the richest real estate tycoon in the world

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Amancio Ortega built the largest fashion group on the planet from scratch, became the largest fortune in Spain and the twelfth in the world. Now, he has just added a new record to his career: it is the largest real estate owner in the world thanks to Pontegadea’s investments. According to the calculations of Forbes, After analyzing corporate documents, property records and data from the Regrid and Real Capital Analytics platforms in nine countries, the real estate assets of Amancio Ortega It would be valued at 25 billion dollars, about 21.2 billion euros at the current exchange rate, spread across more than 200 properties in 13 countries. This figure exceeds that of the Australian promoter Harry Triguboff, with 23.2 billion dollars in assets and that of the American Donald Bren, with 19.2 billion, until now the great references in the sector. From hanger to brick. However, what is most surprising about this second empire that has been created is that Inditex and Pontegadea could not be more different, although both have a key point in common: the Inditex dividends. The original wine of Pontegadea emerged in 2001, when Inditex debuted on the stock market. Ortega then sold a 13.5% stake in the textile company for $1.1 billion and with that capital founded Pontegadea, his investment vehicle. From that moment, Amancio Ortega stopped being the beneficiary of the dividends generated by the textile giant and placed Pontegadea and Partler as his representatives and beneficiaries of its millionaire dividends. In 2026, the family office de Ortega will collect 3,234 million euros in dividends for Inditex’s results in 2025, a personal record figure. A portfolio of Premium buildings around the world. Pontegadea’s strategy is simple to explain, but almost impossible to replicate: buy the best buildings of the market, in strategic and irreplaceable locations in the main cities of the world, and find solvent tenants to sign long-term rentals with them, obtaining income from day one. His properties include iconic buildings such as the 43-story Picasso Tower in Madrid (which he bought for $540 million in 2011), the Devonshire House across from Green Park in London for which he paid $671 million in 2013, Amazon’s headquarters in Seattle, and in Canadaor the Royal Bank Plaza in Toronto, which is undoubtedly its crown jewel. In 2025 alone, Ortega closed 13 purchase operations in 10 cities in eight different countries, spending more than 3 billion dollars. Among its tenants we find names like Inditex itself, which rent the premises from its best stores, Amazon, Apple, Meta, Nike, Spotify, FedEx, Home Depot and Walmart, and even its biggest rival in textiles: Primark. Pontegadea has also diversified into logisticsluxury housing for rent and port infrastructure either energy networks. No debt, no rush and very few sellers. What differentiates Pontegadea from the rest of the large real estate investors is that Ortega’s investor seems to have unlimited funds, thanks to the billion-dollar dividends it receives each year from Inditex, and that it annually invests entirely in brick without incurring debt with its operations. A real estate agent who has worked with the firm told Forbes: “They buy collectible assets that are the best on the market. They are more like a art collector that looks for the most exclusive works of art.” Of their entire portfolio, according to the Real Capital Analytics database consulted by the American magazine, they have only sold 10 buildings in more than two decades. This also differentiates them from the rest of the real estate companies, which tend to get rid of their buildings after four or five years. More investment, less taxes. Behind the expansion of Pontegadea and its recent European structuring based in Luxembourg, There is also a very fine-tuned fiscal logic. In Spain, the wealth tax, to which the solidarity tax aimed at large fortunes was added in 2022, penalizes uninvested cash. Therefore, Ortega’s strategy is to keep 100% of the dividends he receives from Inditex invested in productive assets to increase their value and reduce the tax bill. According to Forbes, Ortega has saved about $800 million in wealth taxes since 2001 thanks to this constant reinvestment in real estate, infrastructure and energy with Pontegadea. Furthermore, by channeling the collection of Inditex dividends through Pontegadea and Partler, Ortega benefits from a tax exemption designed for business holdings. paying taxes at 1.25% instead of doing it for the 28% that applies to personal income tax. On the whole, Forbes It estimates that this mechanism has allowed it to save about $7 billion in taxes on these dividends in the last 25 years. In Xataka | Spain has more and more “billionaires” and a big shot who leaves their fortunes as anecdotes: Amancio Ortega Image | GTRES, Unsplash (Sergio Kian)

Inditex has found a different way to grow

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There is a way to read the Inditex results in 2025 which makes them seem somewhat disappointing. Sales have grown by 3.2%, up to 39,864 million. Profit has risen 6%, to 6,220 million. These are record figures, yes, but the previous year profits grew by 9%, and the year before that by 30%. The curve is clearly moderating. And yet, the market applauds, the analysts are satisfied and the company does not seem at all worried. To understand why, we have to stop looking at “how much” Inditex grows and start looking at “how it grows.” Why is it important. For decades, the story of Inditex was told in stores. More shops, more markets, more square meters. In 2012, 482 establishments opened in a single year, an all-time high. Today that model is behind us. What has taken its place is something harder to see from the outside, but more valuable: a margin discipline that converts each euro of sale into more profit than before, with fewer physical assets. Between the lines. The most striking fact about the results is that in the last three years, sales have grown by 22% while the number of stores has decreased by 6%. The CEO himself, Óscar García Maceiras, pointed this out in the presentation of results, and it is not a minor fact. They are two curves that move in opposite directions, and that says a lot about the transformation that the group has experienced. At the end of the year, Inditex operated 5,460 stores all over the world. A year before there were 132 more. The dynamic is systematic: 190 openings, but 293 absorptions. It opens less and merges more, concentrating traffic in larger areas, better located and capable of also managing the flow of online orders. Stores have ceased to be simply points of sale and have become hybrid logistics points. The contrast. The number of establishments decreases, but the margin increases. The gross margin has reached 58.3% of saleswith operating expenses growing only 2.8%, below the pace of revenue. Every euro that comes in comes out cleaner. RBC analysts explained it this way after seeing the numbers: the result exceeded expectations precisely due to a higher gross margin and a greater volume of sales at full price, without discounts. Jefferies added another factor: reduced transportation costs and supply chain efficiencies. Everything points in the same direction. It’s not just that they sell more. They sell better. Main winner? The medium-sized brands of the group, which without making much noise are gaining weight. Bershka grew 12% in sales, Stradivarius 12.6% and Oysho 15%. Their pre-tax profits rose by around 20%, 15% and 35% respectively. Zara continues to be the driving force (it represents 70% of the group’s turnover) but it is no longer the only interesting story within the conglomerate. Main loser? Pull&Bear, the only chain in the group that has seen its profit before taxes fall: 7.8% less, from 458 to 422 million. It is also the only one with a return on capital employed that fell compared to the previous year, from 48% to 40%. In a group where almost everything goes up, that data draws attention. The big question. Can Inditex continue to break records if it grows more and more slowly? For now, yes. But the lever of store optimization is not an infinite resource. You can only improve productivity per square meter to a certain extent. Hence the 2,300 million that the company plans to invest in 2026 go mainly to technology, online platforms and channel integration. The next chapter will not be to open more stores but to make data and algorithms do the work that the square meter previously did. The start of 2026 gives reasons for optimism: sales have grown by 9% in the first weeks of the new year. Amancio Ortega, for his part, will receive 3,234 million in dividends this year. The machine works. In Xataka | Galicia will continue to be the heart of Inditex, but not of all its brands. Four firms are already preparing their jump to Barcelona Featured image | Salman Sidheek

Marta Ortega prepares the move of the offices of four Inditex brands, but not to Galicia: to Barcelona

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The price of land within large cities makes it impossible for companies to develop their corporate infrastructure in them, and they are forced to look for that space at a more reasonable price. on the periphery. Inditex has decided to do exactly the opposite. The textile giant founded by Amancio Ortega has opted to take the opposite path and bring Barcelona closer to its next big corporate campus and build it next to the iconic Three Chimneys, in one of the enclaves of the metropolitan area What else is changing? in recent years. The project plans to move the offices that four of its brands currently have in Tordera (Maresme) to this new space, converting an old industrial land into the new business heart from an area that has been waiting for its opportunity for decades. An industrial floor that is reinvented. The land chosen for this project is the old site of the Schott Ibérica factory, in Sant Adrià de Besòs, which Inditex acquired in 2018. The local town council has approved initially an Urban Improvement Plan that covers nearly 90,000 square meters of land, where the new brand campus and a hypermarket Alcampo relocated to a new building. The new business proposal establishes a clear separation between the commercial use area, to the north, and the Inditex corporate campus, which will occupy most of the complex in the southern area, with 67,243 square meters intended entirely to house different offices of the Inditex brands. Four brands, one campus. The facilities that Inditex has in Tordera and Palafolls (Maresme) today house the headquarters of Massimo Dutti, Bershka, Oysho and Lefties. With the move to Sant Adrià, these Maresme facilities will be able to dedicate themselves exclusively to logisticsstrengthening the group’s distribution capacity for those four chains in all its markets. The Zara and Zara Home offices are the only ones that do not change their location on the Arteixo campus, in its headquarters in La Coruñawho has also experienced a significant expansion with a complex of about 170,000 square meters. In Sant Adrià, the new Inditex campus will add a total of 164,098 m2 built distributed in four buildings with a ground floor and four floors, organized around three interior patios connected on the ground floor. These buildings will house offices, pattern-making workshops, pilot stores, audiovisual production and technology spaces. The locomotive that the neighborhood is waiting for. However, the importance of this move lies in the impact on the local economic fabric that the presence of an industrial giant like Inditex provides. The mayor of Sant Adrià, Filo Cañete, considered that the arrival of Inditex represents an exceptional opportunity to position the municipality as a benchmark for innovation and business activity in the metropolitan area, and highlighted that among the reasons that the company has valued most are the location and “good connectivity in public transport with metro, tram and train.” The campus will bring with it the arrival of around a million workers to a municipality that aspires to become one of the new economic districts of the Barcelona metropolitan area. To this end, the promoters undertake to pay the Sant Adrià City Council some nine million euros to finance two bridges that will connect the campus with the future audiovisual hub of Catalunya Media Citytransfer 10% of the urban use generated and restore the chimney of the old CELO factory, cataloged as Cultural Asset of Local Interest. Our sights set on 2030. The project still has to overcome some steps before becoming a reality. As and how I collected The Newspaperthe town councils of Sant Adrià and Badalona must consolidate the urban plan for the area, necessary by Catalan legislation to authorize large commercial areas of more than 2,500 square meters in municipalities with more than 50,000 inhabitants. With the municipal decree approved on February 27, 2026, a one-month public information period was opened to present allegations. If the deadlines are met, the partial opening of the campus is planned for 2028, with complete completion of the set towards 2030. Inditex has more than 8,500 employees and more than 170 stores in Catalonia, and this new campus will reinforce the axis between Galicia and Catalonia as the backbone of its global activity. In Xataka | Amancio Ortega is the landlord of Amazon, Primark and Zara: he has charged them almost 1,000 million euros in rent Image | Wikimedia Commons (Margavela), GTRES

The Inditex rally has been its best fuel

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Amancio Ortega is once again among the ten greatest fortunes on the planet according to Forbes monitor in real time thanks to the rise in the stock market of Inditex and the solidity of its real estate holding Pontegadea, which have catapulted the fortune of the Spanish millionaire up to 143.5 billion dollars. This renewed stock market push has allowed him to re-enter the ‘Top 10’ of greatest fortunes on the planet, and even compete for ninth position with veteran investor Warren Buffett although, as how I collected Digital Economyonly occasionally. From the 2025 bump to the return to the ‘top 10’. In June 2025, the combination of Inditex’s weaker stock market performance and global market volatility ended removing Amancio Ortega from the exclusive group of the ten largest fortunes in the world by Forbes, falling below fourteenth place. The textile giant’s stock went on to chain several months of declines after quarterly results that grew, but not at the pace that the market expected, and that sharply cut the valuation of its assets, closely linked to the evolution of the company that it founded and of which it still retains 59.294%. The Inditex rally. However, as of December the situation took a 180 degree turn after the presentation of Inditex’s third quarter results and investors once again showed their confidence in the textile multinational. To put this boom in context, at the beginning of December, each share of Zara’s parent company was trading at just over 49 euros, and its capitalization was around 152,934 million euros. However, weeks later, the title is already trading at just over 56 euros and Inditex’s stock market value exceeded 172.2 billion euros. ​…And the solidity of Pontegadea. In parallel, Pontegadea, which channel and invest most of his participation in Inditex and the dividends generated by the textile empire he founded, acted as an amplifier of his wealth by closing some of the largest real estate transactions in its history. Pontegadea closed the year with a portfolio that has not stopped adding assets in offices, logistics and luxury residential in large international capitals, which has only increased the strength of your assets. ​The temporary “surprise” of Warren Buffett. The meteoric rise of Ortega, who has risen several positions at once, has reached its peak when the Forbes real-time index placed him in ninth position on the global list of fortunes, just ahead of the investor Warren Buffett retired. That day, the founder of Inditex closed the session with a fortune valued at 146.9 billion dollars, slightly above that of the Omaha investor, whose fortune was weighed down by a fall in the stock market, resulting in a cut of about 654 million euros. However, the stock market is what everyone else plays. While Buffett wins, so the veteran investor recovered his position the next day. Ortega, Ballmer and the new order among the ultra-rich. Ortega remains in tenth place, with a fortune estimated at 143.5 billion dollars. That level places him just ahead of Steve Ballmer, whose wealth linked to Microsoft The Los Angeles Clippers are now worth over $140 billion. The geographical distribution of the ‘top 10’ leave a photograph in which Ortega is once again the only great Spanish fortune in a select club dominated by American technology giants and the European figure of Bernard Arnaultat the head of the luxury conglomerate LVMH. In Xataka | Amancio Ortega: the billionaire who lives like another neighbor. Except for private jets and superyachts Image | GTRES, Flickr (Fortune Live Media)

It is more profitable than Inditex

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International expansion and diversification strategy of Amancio Ortega investor arm He is marking a milestone in the European real estate sector. So much so that the latest financial information places its real estate, Pontegadea, surpassing Inditex in profitability. The strategic turn of Ortega Empire The magnitude of the Pontegadea assets has already raised that it has already become the Real estate with greater value in Spainand has settled the foundations to become the most powerful in Europe in the coming years. Pontegadea: the new Lencio Ortega locomotive The founder of Inditex has taken less than two decades to convert his second company into A real estate empire. His modus operandi is relatively simple: use The annual dividends which provides you with 59.29% of Inditex shares, to buy office buildings, premises in strategic locations for Inditex stores, luxury residential buildings, logistics and logistics centers Even hotels. Since Inditex dividends ascend Several billions Annual, Pontegadea has dedicated the last decades to Buy strategic buildings all over the world. The key to everything is that, upon receiving every year A generous check Inditex, Pontegadea does not need to depend on bank loans to make your real estate purchases. 0% debt 100% advantages. In what we have been in 2025, the company has invested 800 million dollars in acquiring new buildings. However, unlike Investment fundsPontegadea does not base your business on obtaining profitability of the surplus value of the sale of these properties, but of becoming the landlord of companies such as Apple, AmazonSpotify and even the main competitor of your textile empire: Primark. Profitability record in 2024 According The published by The economistAmancio Ortega’s holding registered a net benefit of 9,322 million euros in the exercise of 2024. This increase represents a increase of 17.3% with respect to the previous year, placing the group at the head of Spanish patrimonial societies. According to data of Expansion, Obtained from the accounts deposited in the Mercantile Registry, Pontegadea declared consolidated income of 43,125 million euros, growing 8.7% compared to 2023. Total assets, that is, the value of the buildings owned by Pontegadea, its renewable energy business and of Inditex’s shares, exceed 110,615 million euros, which represents an annual increase of 9.3%. For its part, Inditex has also presented historical figuresalthough a little more contained than their investors expected. The company directed by Marta Ortegayoungest daughter of the founder, He scored a benefit Net of 5,866 million euros In 2024, which is 9% more than the previous year. Although the good results of both companies in 2024 were excellent, the benefit of Pontegadea was 62.9% higher than the total that Inditex obtained, which shows Cycle change and the strength of the patrimonial sector in the investment portfolio of Amancio Ortega. Next objective: Europe During the last two decades, Pontegadea has been managing the properties he was buying around the world from the local subsidiaries that the company has created in Spain, Portugal, the United Kingdom, France, France, USA or luxembourg. However, a complete redesign of its structure has just executed to centralize all assets management of Europe, Canada and the USA In his Luxembourg subsidiarywhich becomes the control center of all assets. The only exception is the assets that manage the subsidiaries of Spain, Portugal and the United Kingdom, which continue to be independent. This process aims Banke Hotel Purchases from Paris for 97 million euros and the Banco Sabadell offices building in Miami for 235 million euros more. In Xataka | Amancio Ortega: the billionaire who lives as one more neighbor (except for private jets and superyates) Image | Gtres, Inditex

Amazon tried to remove the dependents and ATMs of the equation. But who has really achieved it is Inditex

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Amazon imagined a system of Automated stores in which the client should not even worry about. However, It has not been The giant founded by Jeff Bezos who is the best results in this goal. Who is breaking it is Inditex. In the last presentation of results, the Textile multinational assured that its autopagogue system is being a resounding success in some stores of the firm, reaching 90% of the total operations in some cases, such and as they point out in Five days. The passage through box, a critical moment. The time to pay has always been one of the most delicate in the shopping experience, especially for The long lines that can be formed in traditional boxes. Therefore, the arrival of autophagous systems has meant a radical change in supermarkets and large stores. In some of the most relevant stores of the Inditex Group, the number of autophagous transactions has exceeded the collection operations in conventional box. This figure, which practically doubles the one of the previous year, shows that the autopagogue model has ceased to be a simple trend to become the norm in many of its most advanced premises. More technological investment. The good Inditex results in their payment experience have their origin in the investment of brands such as Zara in Automated payment systems whose pilot test was launched in March 2025 in four establishments of the firm in Madrid, Santiago de Compostela, Bilbao and Barcelona. This investment is not only to install more autophagous positions, but also accompanied by different mobile technologies. Through a tablet any store employee scan the “soft labels” of the garments through NFCadd them to a virtual basket and the customer can pay their purchase instantly with your mobile card or payment. When completing the payment, the RFID label integrated in the garment is deactivated. Together, Inditex claims to offer an experience similar to online purchasebut face -to -face in store and with garments in hand. Priority in new openings and Flagships. According to Gorka García-Tapia, director of relationship with investors in Inditex, the multinational has begun to prioritize the use of this autopagogue model in some of the new openings of their brands of all the world. He has also applied it to some of his Flagships such as Zara de Plaza de España in Madrid, Major Zara in Spain, and in other new international locations such as Los Angeles and Nanjing. Automatizing the purchase process contributes to these new stores Be more profitable. Article 14 collected The statements of Oscar García Maceiras, CEO of Inditex about the importance of this technology in the purchase experience. “This initiative is part of the commitment to improve customer experience and innovate with new technologies.” Advantages and Challenges of Autophagus. The popularity of autophagous systems is, above all, to the speed and comfort they offer to the reduce queues and wait to be attended in a conventional box. Customers value being able to manage their purchase autonomously and without waiting, which significantly improves their satisfaction. However, these advances also raise important challenges, especially for older people, who can find difficulties to adapt to these new technologies, something that bank has not yet solved with Your ATMs. In addition, there is some concern among consumers for the possible impact on employment. Autophagous systems can be perceived as a threat to jobs that traditionally occupied the ATMs. Companies, on the other hand, defend that the staff can devote themselves to advice and customer service tasks, “allow us to devote more time to improve customer experience,” said García Maceiras. In Xataka | The Inditex formula for Zara’s success is not new. The new thing is that they tell her Image | Flickr (Junta de Andalucía), Inditex

We have been talking about the ‘Miracle Inditex’ for years to explain its growth. That phenomenon is coming to an end

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Inditex has just confirmed what many feared: it is no longer the unstoppable growth machine we knew and faces a more mature stage, without the double digit that until very recently was the custom. Why is it important. The first quarter marks a turning point in the history of the Galician giant. Sales grow just 1.5% compared to 7.1% of the previous year, and the benefit stagnates at 0.8%. They are figures of any European textile company, not the empire that used to other numbers. In figures. The numbers are devastating: 8,274 million in sales … … When analysts expected 8,380 million. Is The weakest growth since 2018excluding pandemia. The stock market does not forgive: the shares collapse more than 4% and touch the 46 euros in intradic minimums. The context. Three factors explain this unexpected normalization. The strong euro devours international sales with an impact of 3% that the company did not know how to foresee. Torrential rains in Spain (15% of global sales) have stopped spring clothes purchases. Operating costs grow above income for the first time in years. Between the lines. The data of the balance They show something more worrying: Inditex is losing efficiency. Stocks rise 6.3% when the company is proud to maintain Stocks minima. The net financial position falls by 7.3%. They are symptoms of a company that can no longer control all variables as well as before. Now it remains to see if it is something temporary or goes further. Yes, but. The second quarter offers a respite: sales are growing 6% between May and June. Even so, it is half of the 12% registered a year ago in the same period. The improvement exists, but it is still that of a normal company, not that of a phenomenon as it was so far. The latest. The Jose Arnau exitvice president and right hand of Amancio Ortega for 24 years, symbolizes the end of an era. Your substitute, Roberto Cibeirainherits a prosperous but mortal company. The transformation is complete: Inditex has gone from being a business unicorn to a solid, but predictable multinational. The miracle is over and gives way to the era of maturity. Outstanding image | Inditex In Xataka | Amancio Ortega: the billionaire who lives as one more neighbor (except for private jets and superyates)

The Inditex formula for Zara’s success is not new. The new thing is that they tell her

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Inditex has put numbers and letters to its operation. His CEO, Óscar García Maceiras, presented the group’s formula in an academic forum, according to Expansion: (m + c + s + p) · v Fashion, client, sustainability and people, all multiplied by values. The idea is simple: translate half a century of business evolution into an understandable structure. And give clues about what is coming. The context. Zara turns 50 with difficult figures to discuss: more than 38,000 million income and 6,000 million benefit. But the environment has changed to the point of rethinking priorities before The rise of online sale. It is no longer enough for the model to work; Now you also have to explain it. And do it well. The formula does not provide revelation, but a signal: large companies not only compete in products, also in a story. And in a sector under greater pressure than ever – by its environmental footprint, its consumption model, its public exhibition – that story has to be clear, assumed and, above all, credible. In detail: m: Fast but reactive fashion. c: Customer as a sensor and motor. s: Sustainability as a process, not as achievement. p: People as the basis of the system. v: Values ​​that cohesive culture and direction. It is a frame. And as such, more useful to align inwards than to convince out. Between the lines. The equation comes at a time where companies need to seem as transparent as efficient. Converting complexity into formula is a form of story control: decides what to tell before others count on you. The relevant thing is not that Inditex has a formula, but that it believes it is necessary to communicate it. In that is the key: fashion is no longer defended only in catwalks or balances, also in the frames that build their legitimacy. In Xataka | Inditex has been opening Zara Megatiendas for years throughout the world. The problem is that they are ceasing to be so profitable Outstanding image | Praswin Prakashan in Unspash

Inditex has discovered that its giant stores are less and less profitable. The problem is that you can’t close them

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Barclays has put his finger on the sore of the Inditex business model. His analysts question whether the megatiendas of the textile giant can continue to generate the productivity improvements that have promoted their growth during the last decade, according to Five days. The origin of the doubts is in its weak growth of the start of the fiscal year, which has slowed that until now it was a strong and almost uninterrupted growth. What has happened. Between 2019 and 2024, Inditex has increased its sales by 37% despite reducing the number of stores by 29%. The average size of its establishments grew 23% to 836 square meters, but sales growth is deflated: 11% in March 2024 to 4% in March this year. Why is it important. The figures show an uncomfortable paradox: While online sales grow with higher margins and minor costs … … physical megatiendas devour resources and generate decreasing profitability. However, closing those megatiendas, in emblematic or high visibility locations, with very high costs that eat a good part of the margin, could be counterproductive. The context. The Inditex megatiendas They are not just stores: they are Showrooms strategic Its real function goes beyond maximizing sales per square meter, they also serve to legitimize online prices. A jacket of 80 euros on the Zara website seems reasonable because the customer can touch it, try it and validate its quality in a store, especially in a 1,000 square meters in the center of Madrid or Barcelona. And because of the fact that this brand is there, conquering that space. In detail. The model works like this: Megatiendas create the perception of premium brand that justifies online prices. It is not something that has invented Inditex or exclusive to fashion stores. McKinsey already talked about this phenomenon Before pandemic. Without that physical presence, Zara would lose some reputational credibility in the face of much cheaper purely digital competitors such as Shein. Physical spaces act as confidence anchors that allow to collect higher prices on the digital channel. Yes, but. The equation is complicated when the profitability of these Showrooms It deteriorates. Barclays estimates that the growth of sales per square meter will decelerate 8% historical annual to 3% in the next four years. Maintaining very expensive spaces that do not generate proportional direct benefits is a bit more difficult to sustain in the long term. Turning point. Inditex will possibly redefine your megatiendas without loading your strategic value. Closed would save costs but destroy a part of the credibility that supports online prices. Keep them as the margins are erodes. The departure is to reinvent them as brand theaters that justify their cost through their impact on the digital business. It is something very similar to what happens with telecos stores, especially Flagship: They maintain strategic establishments in central and privileged locations for a more reputational and Awareness (Brand recognition, perception, prestige) that by pure profitability. Outstanding image | Inditex In Xataka | Wallapop taught us to sell what was used. Decathlon has learned to earn money with it

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