Upon Areces’ death in 1989, Alvarez acquired the position of chairman. Since he has no kids, Alvarez is said to have unofficially dubbed his nephew as the heir to the retail empire. While El Corte Ingles main focus remains pointed towards department stores, it also dabbles in supermarkets through its Hypercor stores and into the travel industry through its Viajes El Corte Ingles travel agency.
