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Angst patents underground supermarket

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22.01.2003, 00:00 10

Angst Ro SA, the Romanian producer of branded charcuterie products, will team up with a real estate company to build an underground supermarket in Bucharest, under a three million-dollar investment.
Angst general manager Sorin Minea did not care to reveal the name of the partner, specifying only it was a multinational real estate company holding several five-star hotels.
"This is their first venture on the Romanian market. The negotiations were carried out through our Swiss partner," Minea said.
The Angst official added his company's role in the business would be to run it, with the building held by the foreign investor.
"This will be something completely new to the Romanian market and located in a good-for-business place. Such supermarkets abroad target the high-income people, but we will target the medium-income consumers here, although the supermarket will look like a first-class one. It is actually a complex to include a coffee shop and a beauty parlour, besides the actual stores," Minea added.
He mentioned the new supermarket would take up 2,400 sqm and that this business might turn into a chain. The construction works are due to begin some time in the next two months, as soon as the sanitary permits are secured.
Angst already owns a store chain going by the same name, but the new store will have a different name. The company has 13 shops, nine of which in Bucharest and the others located in Buftea and Sinaia, where Angst also has productive facilities.
Angst posted $18 million turnover last year, up 20% since 2001. Minea adds the company has turned "a good profit", compared with the about $80,000 losses in 2001.
"2002 was our best year after 1996, due to the price stability, even though it was controlled. I believe we registered significant growth because we have earned the market's acceptance for what we are, that is for quality and for having managed to secure the loyalty of our consumers," Minea said.