German-held LIDL, one of the giants of discount food retail in Europe is making a strong entry onto the Romanian market by taking over the 96 Plus store-network from German group Tengelmann. The network was valued at over 200 million euros, i.e. half the Plus sales on the Romanian market in 2009, according to market sources.
The takeover of the 96 Plus stores brings German company LIDL a market share put by ZF at 38% and sets off a close fight with Penny Market for the top spot among discount chains, on a market worth almost one billion euros.
After two years of preparations for the first store openings in Romania, LIDL could become the biggest operator of discount stores on the Romanian market in terms of number of stores, if it continues the expansion plans of Tengelmann, former owner of Plus, as well as its own greenfield projects, which it started over the last two years.
"LIDL is also taking over Plus stores under construction in the two countries - Romania and Bulgaria - and the chains' logistic centres, in order to continue expansion projects of the acquired companies," reads a release of Norr Stiefenhofer Lutz law firm, which assisted the buyer in this transaction.
German-held LIDL, one of the giants of discount food retail in Europe is making a strong entry onto the Romanian market by taking over the 96 Plus store-network from German group Tengelmann. The network was valued at over 200 million euros, i.e. half the Plus sales on the Romanian market in 2009, according to market sources.
The takeover of the 96 Plus stores brings German company LIDL a market share put by ZF at 38% and sets off a close fight with Penny Market for the top spot among discount chains, on a market worth almost one billion euros.
After two years of preparations for the first store openings in Romania, LIDL could become the biggest operator of discoun
