Just returned from a short trip to Spain. I spent two mornings doing some shopping in Madrid. As I did not have much time, I went first to Salamanca, to El Corte Ingles department store. As there were still some items left from the winter sale (50% off and another 10% 'tourist' reduction), I purchased a Corneliani blazer, Jacob Cohen jeans and 3 pairs of shoes (Santoni boots and cap toes, Lottusse single monks). There were plenty of tempting shoes on sale (F. Rossetti, Bruno Magli, Santoni, A. Testoni, Church's, Yanko, etc). They also had a decent selection of Carmina.
There were indeed (as other member mentioned a few weeks ago here) lots of interesting small shops in the Salamanca area. I checked the Meermin shop on A. Coello street, GY shoes starting from 140 euros (finishing and leather quality not so great) to some more expensive (270), beveled waist, nice last. There was even a 7eme largeur shop (unfortunately closed when I passed). In the Chueca area there were plenty of outlet shops with GY shoes made in Spain but with dubious English names (prices around 100 euros). For a bit above this price range I preferred Lottusse.
I visited 2 Carmina shops in and was really charmed by the offers. I would have probably bought a pair if I would have not blown my budget before. Not sure if a pair of Carmina would be preferable to 2 Santoni on sale.
A few phone pics of Carmina window shops