Lithuania’s Maxima Grupė Acquires Bulgarian Stores From Penny Market
Maxima Grupė subsidiary Maxima Bulgaria has announced that it has acquired 12 stores from Germany’s Penny Market, part of the Rewe Group.
The stores, located in Bulgaria, are scheduled to become part of Maxima’s T Market chain in the coming months, and will increase the retailer’s presence in the country to 60 stores. The acquisition, reconstruction and investment will cost approximately €7.6 million, the company said, while the new stores will create more than 200 jobs.
It has bought three of the stores outright, and leased nine others.
“The retail sales market in Bulgaria is very competitive. We can see even international chains unable to withstand the competition and retreat, whereas T Market is becoming increasingly popular in Bulgaria,” said Maxima Grupė chief executive Alvydas Šustikas.
“Shoppers appreciate the format of our shops due to small prices, constant quality of products, regularly updated assortment and good supply of local produce.”
Last year, Maxima Bulgaria celebrated its tenth anniversary of operations in the country. In 2015, its annual turnover increased by 10.4% to €72.4 million, excluding VAT.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.