Penny Market discounter store network, operated by Germany's
Rewe, plans to expand in a further 25 new stores next year, in the
wake of investments put at around 32m euros, considering an
1.3m-euro average investment per store. These projects will create
around 500 jobs in 2010. The retailer will end 2009 with 100
operational stores after concluding 28 expansion projects. "By
yearend, we will open another 8 Penny Market stores, and for 2010
we plan to add 25 more to the network, in the wake of investments
of around 150m euros," stated Penny Market representatives. This
year, the retailer's investment budget stood at 45m euros, a sum
that also covered land acquisitions for the network's expansion in
2010. Discounters are the only food retail operators that announced
they would further expand in 2010 without cutting the pace against
this year, on a market where investments have almost halved as a
result of the lending freeze and consumption decline.
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