by Property Forum | Retail

Retailer Penny, part of Rewe Group, has announced a long-term investment program in Romania that includes the expansion of the store network and the development of logistics operations. 

The company aims to open this year 25 new stores and its fourth warehouse Dolj county. The retailer will also refurbish 100 stores throughout this year and complete the process for the whole network by the end of 2021. 

In 2020, the company invested 371 million lei (€76.7 million) in opening 20 new stores, thus reaching 276 stores by year-end. 

By 2029, the retailer will invest roughly 5.1 billion lei (over €1 billion) to boost its national footprint to 619 stores and six logistics centers. The current headcount of over 5,300 employees is set to grow following the new investments. 

Penny recorded a turnover of 4.73 billion lei (€978 million) in 2020, up 13% year-on-year.