Praktiker Romania invests EUR 0.4 mln to refurbish store

Local DIY retailer Praktiker Romania has invested EUR 400,000 in refurbishing its store in the Vitan area, in Bucharest. The store was reopened on July 7 after the modernization work, which started in March this year, was completed. Praktiker owns 27 stores in Romania, three of them in Bucharest. The retailer wants to refurbish ten stores this year, with a budget of EUR 4 million. The sales in the first six months are in line with the retailer’s expectations to record a 10% increase in 2016, said Isabelle Pleska, Praktiker Romania GM. In the first quarter of the year, the retailer saw a growth of 9% in its sales compared to the same period in 2015. The growth pace was supported by the drop in the general VAT rate from 24% to 20% at the beginning of the year. Praktiker Romania, which is owned by Turkish investor Omer Susli, had sales of EUR 137 million in 2015. The local DIY market is estimated at EUR 2-3 billion per year. Dedeman, Leroy Merlin, Brico Depot, and Hornbach are some of Praktiker’s biggest competitors. editor@romania-insider.com