“The 2017 investment budget was about EUR80 million. It included the completion of the opening of the warehouse in Bacau (already inaugurated in the spring of 2017), the opening of 20 to 25 stores, remodeling of 6 XXL Mega Discount stores into Penny Markets and of 51 Penny Markets turned into concept Future Stores, expansion of the Turda and Stefanesti warehouses (…), “the company said.
The retailer last year inaugurated stores in small, medium-sized and big cities of Romania, in line with the discounter store chain business model, which entails opening new stores even in places with 20,000 people or fewer.
Unlike other retailers that focused in Bucharest, Penny Market covered the entire country.
Penny Market did not reveal 2017 financial results, but in in 2016, it posted about EUR600 million revenue.
(English version by Loredana Fratila-Cristescu)