The company has reached 19 stores in Romania at the moment, after having opened eight in 2017 and will add two more, in Galati and Ramnicu Valcea, by yearend.
“When you seek to develop a business you must figure out how to get to that part of the profit in the shortest time that enables to keep developing. When we choose a city to expand to, we consider the purchasing power, the investment in the city, the residential areas and I have always tried to get an idea of the overall look of the city, whether the authorities invest in it, because consumers there pay more attention to their looks,” Valentin Peter, Farmec’s development director, told ZF.
The company will open a new store in Galati Shopping City mall by yearend, which it sees as a shopping destination for the neighboring counties and a store in Shopping City in Ramnicu Valcea. The owner of both centers is South-Africa’s NEPI.
Valentin Peter says he is considering several shopping centers for expansion, and one of them is the mall in Baneasa, northern Bucharest.
Farmec saw sales of more than EUR1 million through its own retail chain in the first half and the expansion strategy entails opening Gerovital stores in shopping centers and street front stores for Farmec in central areas in cities.
(English version by Loredana Fratila-Cristescu)