Retailer Stefanel to close down store on Calea Victoriei in Romania's capital city

Stefanel, the first fashion store opened in Romania after the Revolution in 1989, will move in May its store on Calea Victoriei in Romanian capital city Bucharest. The store was inaugurated in 1991 following a 20-year lease signed with Universal company, currently indirectly controlled by businessmen Puiu Popoviciu and Radu Dimofte, according to Ziarul Financiar. “The Stefanel store will be closed in May 2011 following the termination of the lease on the property located in Bucharest on Calea Victoriei”, according to Universal representatives, who didn't give details about the new tenant or the new space where Stefanel will move its store. With ten current stores in Romania, Stefanel has annual sales of around EUR 5.5 million, an average of EUR 550,000 per store, several times smaller than a volume brand like H&M, where sales exceed EUR 3 million per store. Irina Popescu, irina.popescu@romania-insider.com