French-held Romania Hypermarchee, owner of Cora hypermarkets, the top performer among hypermarket chains on the Romanian market, with 329 million euros in sales from just three stores, has been buying plot after plot in the last two years in view of expanding the chain to 20 stores, on a market where its main rivals slowed down investments amid a decline in consumer spending.
According to ZF estimates, the French have paid over 50 million euros in the last two years for plots alone, considering that they spent 13 million euros for the plot of the Hidromecanica plant in Bra[ov alone, with another 9 million euros being spent on the plot of the former Asco plant in Bac`u.
Big players find the best period to prepare large investments in recession, relying on a significant economic recovery shortly.
"This year and the last we secured plots and space for 15 new stores, which we will open over the next three years. Most future stores will be located on purchased land, but we will also have rented space," Philippe Lejeune, general manager of Cora Romania, told ZF. He was in Baia Mare, where the French opened their fifth hypermarket in Romania at the end of last week.
Cora now has five hypermarkets, one of which of is smaller in size, namely 4,500 square metres and located in Gold Plaza mall of Baia Mare.
"At least three new hypermarkets, in Drobeta Turnu-Severin, Constan]a and Arad , will be opened next year, but we may also launch a fourth hypermarket," Philippe Lejeune, general manager of Cora Romania, told ZF.
The Constan]a and Arad stores will be opened in City Park and Galleria shopping centres, while an independent store will be built in Severin.
"The investment budget for next year stands at 50 or 60 million euros. The money will come both from our own funds, from the parent company, and from banking loans," Lejeune spec
