After opening its first store in Romania on November 16, in Oradea, the DIY chain OBI will continue its expansion in Romania by setting a new unit in Bucharest, the company representatives saying the current financial crisis will not affect the retailer’s expansion plans in the local market.
“We will not roll back our expansion pace because of the financial crisis, as it is not denting the company’s development and the do-it-yourself market. By the end of 2009, we plan on having at least seven stores open in Romania”, said Romano Quinzi, managing director of OBI Romania.
The next two stores included in the expansion plan will be opened early next year and will be located in Arad and Pitesti, in retail parks. “The average investment in a store amounts to 5 million euros, and the financing of expansion will be ensured by own funds and not by banking loans”, said the company official.
OBI Romania will continue the expansion of the retail chain both in retail parks and in independent locations, targeting all the major cities with over 70,000 inhabitants.
For 2009, the company allocated 50 million euros budget for investment. The retailer aims at climbing to second position in the market and to first position within ten years.
According to OBI representative, the value of the DIY market in Romania amounts to 2 billion euros, the market continuing its uptrend in 2009 as well, despite the tough economic conditions.
Translated by Camelia Oancea
