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 beenbuying plot after plot in the last two years in view of expandingthe chain to 20 stores, on a market where its main rivals sloweddown investments amid a decline in consumer spending.
According to ZF estimates, the French have paid over 50 millioneuros in the last two years for plots alone, considering that theyspent 13 million euros for the plot of the Hidromecanica plant inBra[ov alone, with another 9 million euros being spent on the plotof the former Asco plant in Bac`u.
Big players find the best period to prepare large investments inrecession, relying on a significant economic recoveryshortly.
"This year and the last we secured plots and space for 15 newstores, which we will open over the next three years. Most futurestores will be located on purchased land, but we will also haverented space," Philippe Lejeune, general manager of Cora Romania,told ZF. He was in Baia Mare, where the French opened their fifthhypermarket 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 BaiaMare.
"At least three new hypermarkets, in Drobeta Turnu-Severin,Constan]a and Arad , will be opened next year, but we may alsolaunch a fourth hypermarket," Philippe Lejeune, general manager ofCora Romania, told ZF.
The Constan]a and Arad stores will be opened in City Park andGalleria shopping centres, while an independent store will be builtin Severin.
"The investment budget for next year stands at 50 or 60 millioneuros. The money will come both from our own funds, from the parentcompany, and from banking loans," Lejeune specified.
The company also owns plots of land in Gala]i, Bac`u, Bra[ov, aswell as in Constan]a, and has rental contracts for projects such asParkLake Plaza of Bucharest or Adora Mall of Craiova, whoseconstruction works have been halted, though.
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