Mercadona Now Largest Retailer In Spain As El Corte Ingles Flatlines

The continued slump in the Spanish economy continues to be reflected in the results of local retailers and has led to price-focused Mercadona overtaking El Corte Ingles to become the country's largest retailer by sales. Reporting its full-year results (ending 28 February 2011) El Corte Ingles announced that its sales flat-lined, coming in only 0.3% higher at EUR16.41bn. This puts it just behind Mercadona, which has been expanding aggressively and registered annual sales of 16.49bn. Our weak outlook for the Spanish consumer sector means that Mercadona's leading position is unlikely to be threatened in the medium term and in fact

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