A centre for a ‘new Madrid’

shopping_argaliabogadosVenezuelan group Sambil has opened the largest shopping centre in Spain in Leganes, Madrid.

Opening at 90 per cent capacity, the space contains 130 premises, three floors and encompasses 43,000 square metres. It is the result of 59 million euros of investment and it is believed it will generate 2000 jobs, about 1500 of them directly involved with the centre.

Speaking during the opening ceremony, Arnold Moreno, director general of Sambil Spain, said, ‘The project will not only be unbeatable in terms of price-quality ratio, but will also be a pioneer for its services throughout Spain.’

He continued, ‘Normally it is not economically feasible to start such a risky project more than 7,000 kilometers from home, but now, step by step, we have built a center designed for the “new Madrid,” [people] who want to take care of their pockets. We trust the country and we will continue to grow.’

A PEEK INSIDE

Among others, the fashion area, which covers 51 per cent of the total area, hosts brands such as the outlet of El Corte Inglés – the Marks and Spencer of Spain – For & From of Inditex Group, Fifty Factory of Grupo Cortefiel and Intersport’s Outlet Sport.

The retail food area is led by Simply, the largest hypermarket in Madrid, while the leisure area is home to a 12 screen Odeon cinema and will soon welcome the largest wind tunnel in Europe. Known as The Hurricane Factory, this will could open sometime in May.

As for catering, many well known brands are available including Burger King, Foster’s Hollywood and the Vips Group.

There is also parking space for 2,400 cars along with 20 charging points for electric vehicles.

This could just be the beginning of Sambil’s expansion into Spain. Ricardo Cohen, a director of the group, said, ‘We have not come just to open this outlet. Our commitment to the Spanish market is serious and soon we will be exploring new possibilities for investment in this country. We want to continue to grow.’

These sentiments were echoed by director general Arnold Moreno, who said, ‘We have proposals to continue growing in Spain, both in Madrid and other major cities, and we are methodically studying them.’

DISAPPOINTMENT FOR HOPES TORRES DE LA ALAMEDA CENTRE

This success comes on the back of a setback for the Cordish group which wanted to build its own mega centre in Torres de la Alameda. These plans have been rejected by the community of Madrid which said Cordish had not proven the economic viability of the project.

Engracia Hidalgo, Minister of Economy and Finance, said, ‘It has not been an easy decision. We would have loved to have authorized this center, because the impact on the community of any investment always welcome.

For its part, Cordish says the community of Madrid didn’t understand the documentation presented to it with regards to the centre. A statement from the company said, ‘We were really surprised, but we are optimistic and we believe that when the misunderstanding is clarified and the regional government understands these points, our request will be resumed. We are convinced of the great potential of Madrid as a destination.’

For more information, please contact corporate law firm Argali Abogados.

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