Rewe Romania's discount store network Penny Market posts 39.89% higher gross revenues y/y in 2007Publish date: 12-02-2008
The Penny Market discount store network operated by Rewe Romania, the unit of the German-based retailer Rewe, posted 39.89 percent higher revenues year-on-year in 2007 owing to the opening of twenty new units and the upgrading of the already existing ones, the retailer said.
The network's cumulated gross revenues stood at 253.7 million euros in 2007. Last year Rewe Romania opened twenty stores following total investments of 43 million euros.
The company completed last year the re-branding the five XXL Megadiscount stores into Penny market XXL. The company inaugurated its second logistic center in November stretching over 16,500 square meters following a 12 million euros investment.
Penny market currently operates 50 stores (including Penny Market XXL) in Romania and plans to open other 25 stores this year countrywide.
Rewe group operates in Romania through the Billa, Penny, XXL and Selgros divisions which had altogether contributed 25 percent of the total sales on the east European market. This year Rewe plans to open more than 550 stores in Europe. The group operates almost 12,000 stores in 14 countries.
Rewe Holding International, the sole associate of Rewe Romania has approved at the end of March the opening of 20 units in Romania, according to data published in the Official Gazette. Rewe Romania will spread its tentacles to other 14 counties.
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