Romanian retailer Altex will spend around EUR 25m this year to expand store network

Electronics and domestic appliances retailer Altex will invest 20-25 million euros this year to carry out expansion plans, according to the company's executive general manager, Adrian Urda.

The company operates 107 stores at the time, 80 Altex, 16 Media Galaxy and 11 Digit'Up, totaling a commercial surface of 95,000 square meters.

Altex targets to exceed the 26 percent market share this year and to upgrade its stores, said Urda.

The company will open a new Altex store this week, in the Central city of Cluj-Napoca, which will unfold over 1,200 square meters. It will also cut ribbon for Media Galaxy stores in the Eastern cities of Suceava, Bacau and Iasi and in the Southern city of Braila this year.

Altex posted revenues of 300 million euros last year, 30 percent hike against the previous and targets to see 10-15 percent increase in turnover this year. The market value for electronics and domestic appliances could reach 1.2-1.3 billion euros this year, according to Urda.

Altex was set up in 1992. The Dutch-based Bomenveld acquired a99 percent of Altex in December 2006. The rest belongs to businessman Dan Ostahie. Bomenveld, together with Credex and Altex Impex, are part of the DO group, which is controlled by Dan Ostahie and his spouse.

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