Brothers Ilie and Cornel Penescu in Pitesti, owners of the largest Romanian food retailer, Pic Group, have sealed partnerships with two DIY networks, Bricostore and Interhome, in order to expand their retail areas. Three of the four locations where the Penescu brothers built Pic hypermarkets will be turned into retail parks this year. The two entrepreneurs also plan to complete an around 60 million-euro investment in a retail park in Ploiesti in 2009. Under the circumstances, Pic will end the year with five operational stores, all of them held by the Penescu brothers. The new partnerships sealed by the two Pitesti-based businessmen could bring them additional revenues worth 2.4 million euros a year, according to estimates based on monthly average rents of 7 to 10 euros per square metre of commercial space. French network Bricostore will open a DIY store near Pic Calarasi in April, while the Interhome network, controlled by a Belgian company, will have three openings in 2009, nearby hypermarkets Pic in Oradea, Craiova and Ploiesti. Each DIY store will have a 4,000-5,000 square-metre area, with the overall investment in opening such a store being estimated at 5 million euros.
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