THE FORMER president of El Corte Inglés is set to open his first-ever WOW store in Spain’s capital.
Dimas Gimeno will launch his new venture in style – with a flagship store on Madrid’s Gran Via.
The brand, that will sell everything from homeware to fashion and sportwear, is thought to be a Spanish take on the successful bargain brand Primark and will compete against other multi-product retailers such as Amazon, Wish and Gimeno’s past employers, El Corte Ingles.
Located on one of Madrid’s most popular streets, the first WOW store will occupy ore than 5,500 m2.
IBA Capital and CBRE have already started the works to adapt the building to its new use and are aiming to have the work complete by April 2021.
It is hoped that the store will be the first of many for the new brand, and in the medium term, WOW also plans to open pop-up shops, which will remain at the disposal of buyers for six months.
Gimeno’s brand has backing from US fund FJLabs, winning 2.8 million in funding. The investment firm also has shares in other ecommerce companies, such as Alibaba, Deporvillage, Vinted, Wallapop or Wish as well as car sharing service UBER.