“In 2020, we (the retailer, ed.) saw a 19.44% increase in turnover. We were very close to reaching the EUR1 billion threshold. (…) Circumstances also helped us, but it was not only that”, stated Daniel Gross, Penny’s chief executive officer in Romania.
The company had the best profit result ever, in 2020, the first year of the coronavirus pandemic, surging 54% on the year to RON85 million, after 15 years of presence in Romania.
The growth was due to the retailer opening 20 new stores under the new Penny Punct format, ending 2020 with 276 discount stores.
The company invested RON371 million in Romania in 2020, which targeted its expansion, the acquisition of lands for new store openings in 2021, the remodeling existing stores and the inauguration of its fourth warehouse in the country, in Filiasi. A part of the amount went into logistics and existing stores.