Sprider Stores plan profitability in Romania in 2013

The Romanian subsidiary of clothing retailer Sprider Stores, which was taken over by Cyprus – based Naqua Investments last year, plans to become profitable in 2013, with a targeted profit of EUR 658,000. The retailer also announced its plans to stay in Romania, after its former mother company filed for insolvency and is currently restructuring in its home country. “In order to ensure a healthy growth on the long term, our strategy is to avoid all potential risks, to develop the current network of stores in some of the best locations, after we gave up on some of the locations which had high operational costs and brought low revenues,” said Constantinos Pipinelis, General Manager of Sprider Stores Romania. The retailer plans to introduce a new clothing and footwear line, as well as a cosmetics and make-up line. It could also open a new store in Bucharest this year, on some 800 sqm. Sprider Stores Romania ended 2011 with a loss of EUR 3.2 million, from a turnover of EUR 5.9 million, according to data from the Finance Ministry. The retailer entered the Romanian market in 2007 and already runs 12,000 sqm of retail space. It has invested EUR 20 million so far in its Romanian units. editor@romania-insider.com (photo source: Sprider Stores)