German discount supermarket chain Penny Market has invested RON 346 million (EUR 77 million) in Romania last year and will double the average annual investments over the next seven years, according to Penny Market Romania general manager Daniel Gross, Ziarul Financiar reported.
In 2018, the company opened 15 new stores and refurbished its existing units in line with a new store format. Furthermore, it acquired new land plots for future expansion and for developing logistics areas.
"We have budgeted total investments of RON 2.3 billion (EUR 480 million) in Romania for the 2019-2025 period. We want to reach 400 stores and four warehouses. We will also continue to invest in existing units,” Daniel Gross said.
The German discounter now has a network of 237 stores and three warehouses in Romania and recorded a turnover of RON 3.45 billion (EUR 738 million) in 2018, up 15% over the previous year. Penny Market is part of German group Rewe.
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