“We’ll end 2020 with 276 Penny stores. We opened 20 stores this year. No Penny stores were closed. In comparison, we opened 20 stores in 2019, too,” the company officials say.
All new stores use the new format Penny Punct, while the already existing stores are reconfigured to meet the new standard. The remodeling started in the spring and the retailer will have about 100 such stores by the end of 2020, both newly opened and remodeled. The remodeling investment budget stands at EUR22 million, and the total investment budget at EUR90 million in 2020. All the stores in the Penny chain should use the new format by end 2022.
“We have a constant expansion pace and this year continued at the same pace, despite the difficulties caused by the pandemic. The development plan for 2020 did not see any changes in terms of investments and we achieved our goal to open 20 stores a year.”
Penny sells both private label and brand name products. Private label products account for 30% of its sales or about 1.2 billion lei. The operator of Penny posted almost RON4 billion revenue last year, an increase of 15% on 2018. The revenue will be higher than that in 2020, the company has recently said.
Penny Romania’s owner is Germany’s Rewe group.
(English version by Loredana Fratila-Cristescu)