German discounter Penny earmarks EUR 160 mln for expansion in Romania
The Romanian subsidiary of the German discount retailer Penny received a EUR 160 mln capital injection from the parent group to expand its chain on the local market, Ziarul Financiar announced.
iulian ernst · Journalist
· Updated · 1 min read
The Romanian subsidiary of the German discount retailer Penny received a EUR 160 mln capital injection from the parent group to expand its chain on the local market, Ziarul Financiar announced.
Thus, the company Rewe Projektentwicklung Romania, which operates Penny's real estate investments locally, received in December 2022 almost EUR 80 mln from Germany. Later, in January 2023, a similar amount was injected.
The retailer plans to open 35-40 stores in 2023, the fastest pace since entering the market and almost twice as fast as the average of the last decade.
The German discounter is among the few companies that announced the acceleration of development locally - along with Carrefour - at a time when some players are already slowing down expansion due to the economic context and inflation that led to higher construction costs.
(Photo source: Emilio100/Dreamstime.com)
