Discounter Penny Romania ended 2023 with a revenue of over RON 8.32 billion (€716 million), representing a 16% increase year-on-year, and setting a new record for the company.
It is the ninth consecutive year that Penny Romania reported the highest turnover growth among the food retail businesses under Germany’s REWE Group.
The company reported a net profit of RON 224 million (€19 million) in 2023, representing a 47% jump from the previous year.
Network Investment
Penny Romania invested heavily in growth during the year, allocating over RON 634 million (€130 million) to expand and modernise its store network and logistics infrastructure, including the expansion of the Bacău logistics centre.
Key in-store changes include easier access to frequently purchased items like salads and ready-to go meals; an improved layout in the fruit and vegetable section; designated areas for senior, baby, and pet products; improved product placement for categories like spices and ice cream; and the reorganisation of 'impulse buy' items.
Penny Romania stores are also now equipped with CO2 refrigeration systems and charging stations for EVs, reflecting the retailer's commitment to environmental responsibility.
Delivery Options
In 2023, the company expanded its home delivery offerings by partnering with Glovo and Bringo.
In March of this year, it introduced a new partnership with Tazz, providing customers with even more delivery choices. Penny Romania is present in 60 towns in Romania and currently delivers from 187 stores.
Last year, Penny opened 40 new stores, a new record, and its network currently consists of 378 stores served by four logistics centres.
Outlook 2024
The retailer is aiming for double-digit revenue growth in 2024. It plans to open 35 to 40 new stores this year and construct a new logistics centre close to Bucharest.
It also plans to launch an 'autonomous' store in Bucharest on 29 May, which will showcase the company's latest advancements in digital retail technology.
For 2024, Penny Romania has allocated an investment budget of €150 million, or €22 million more than last year. Cumulatively, the retailer plans to invest €1 billion in Romania until 2030.
