Italian retailer Gruppo Selex will invest €330 million in opening new stores and remodelling existing supermarkets in the country next year, reports suggest.
The budget was approved at a shareholders assembly held at the company’s headquarters in Trezzano.
The funds will be used in opening 67 new stores and restructuring 81 existing outlets, the retailer said.
Gruppo Selex is the third-largest retail group in Italy with 12 associated members and a 9.7% market share.
It expects to close 2019 with a turnover of €11.1 billion, up 4.2% year-on-year. The company's productivity per square metre remained stable at 1.2% when compared with 2018.
The retailer increased its store count by 30% and focused primarily on discount and supermarket stores.
In 2020, Gruppo Selex aims to increase its turnover by 4% to €11.6 billion.
According to the company's chairman, Alessandro Revello, the retail group will focus on digital and new consumption models during this period.
In the past 10 years, it has invested approximately €2.5 billion to build a network of more than 2,300 stores in 90 Italian provinces.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine.