Ethos, the largest independent supermarket network, held by the Solomans, plans an expansion by 5 supermarkets outside Bucharest, through investments worth around 4.2 million euros next year. "We are investing over 5% of our turnover in expanding our network, with the remaining investment coming in form of funding from Credit Europe Bank," said Ion Soloman, manager of Ethos Supermarket. Ethos, which holds 16 stores, located predominantly in Bucharest, and Pic Group, the operator of Pic hypermarkets, are currently the largest retailers with Romanian capital on the market. This year, the company expects 22 million-euro sales (excluding VAT), and a 0.7 million-euro EBITDA. Next year, the network expansion could bring the turnover of Ivet Comprod, the operator of the Ethos stores, to 34 million euros (in net value), according to Soloman's estimates. The network, which consists of stores with a 600 square-metre surface area, has been developed by the Solomons on the Capital's market since 2001.
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