Kaufland brings another 45m euros in 5 stores after record Q1 expansion pace

Germany's discount hypermarket network Kaufland is readying to open a further five stores in the following months, after boasting a record expansion pace in the first quarter, with 4 stores opened in two months. The retailer's investments are likely to get to almost 100m euros in 2010, accounting for almost half of the 2009 expansion budgets of all hypermarket chains present on the market. The retailer, owned by LIDL & Schwarz group, has since the start of the year finalised 36m-euro investments in 5 hypermarkets and is now hiring sales employees for its five new locations, in Caransebes, Sighisoara, Orastie, Vaslui, Ramnicu Sarat, Deva. Kaufland now operates 50 stores domestically and is set to double the number of store openings in 2010 from last year, when it finalised six such projects. Kaufland's campaign is fuelled by the 150m-euro loan it took out from the EBRD last year in order to develop its Romanian and Bulgarian network. Domestically, these resources will allow the company to enter 20 small cities with a low purchasing power.