Spanish MGR Sector Hit By Downturn

Over the last five years the Spanish retail sector has been among the most dynamic in Western Europe, with rising affluence meaning that most grocery retailers in the country have enjoyed a period of rapid growth. One example of this is Carrefour, with the firm's Spanish division by far its most dynamic in Western Europe over the last three years (see chart). However, the Spanish economy has been hit hard by the global economic downturn and the bursting of the Spanish property bubble, so it is likely that most retailers will have to work much harder to continue to grow

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