There are also exceptions, failures of some giants that managed to do business everywhere in the world but not in Romania, which they left either by sale of their operations or through bankruptcy or closure of stores or coffee shops.
Shell (energy), OBI (DIY retail), Real (grocery retail), Dunkin’ Donuts (doughnut & coffee shops), Chevron (energy), ABN Amro (banking), Debenhams (fashion), Easy Jet (aviation), Tnuva (FMCG) and Axa (insurance) are the ten exits ZF has identified that prove not all international brands can woo the Romanian consumers. ZF selected brands from various sectors, but there are more examples than that in each sector.
Year by year Romania’s economy attracts new foreign brands, which is particularly true for the last few years of economic growth, rising wages and good spending appetite. However, not all stories have a happy end. Car parts and accessories retail chain Norauto, furniture retailer kika and fashion brand Forever 21 are the latest three exits of foreign giants from Romania.
Most often the exit decision was prompted by financial reasons, that is unsatisfactory results for the central management or shareholders and less often the cause for exit is a very good offer from a rival. Regardless of the reason, most exits ended with a deal. Such deals help sellers recoup at least some of the money they invested on a market over time, and buyers consolidate their position.
(English version by Loredana Fratila-Cristescu)