Modern retail networks operated expansion investments worth 105m euros in the first half of this year, down 30% from the same period of 2008, but the number of new stores increased as smaller units, supermarkets and discounters stepped up their growth.
The past two years' retail stars, hypermarkets, halved their expansion investments, to 56m euros, as some mall or retail park projects were frozen.
The value represents one third of investments operated last year by Carrefour only, the biggest network. This year, the French company has so far opened only one hypermarket. Its rivals Real and Kaufland also slowed down their expansion pace, after having finalised investments of above 100m euros each in 2008.
In their turn, cash & carry stores just like in 2008 embraced a highly cautious strategy, having already entered all major cities in the country.
On the other hand, stores with smaller areas, supermarkets and discounters, accelerated their expansion in the first half.
Vasile Gogescu, president of the Federation of Free Unions in Trade, says one cannot speak of a crisis in food retail or in modern and traditional retail.
"There's no crisis in food retail. Food consumption cannot go down, it's already low compared with the European average. Small stores are hurt by the expansion of modern retail rather than by the economic situation," states Gogescu.
Discounter networks, counting this year on faster market share growth in retail, opened 24 stores in the first half, compared with the 19 launched in the first half of 2008. Total investments stayed at the same level, of around 22m euros, and the networks' plans for the entire year entail keeping the expansion pace at least at the same level as in 2008.
The segment of supermarkets was activated as the former Artima network, which Carrefour took over in 2007 and turned into Carref
