German retail giant Rewe has revealed it wants to open 20 Penny discount stores in Bulgaria by the end of next year.
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The company, which already runs 50 Billa stores in Bulgaria, plans to spend EUR100m (US$148.9m) on building its Penny business in the country.
Rewe opened the first 14 Penny stores last week, which made Bulgaria the sixth market outsider Germany to house the discount stores.
A spokesman for Rewe said Bulgaria was an “attractive” market and claimed the Penny format would prove popular for local consumers. “Penny, as a discounter, is very interesting for Bulgarian people,” he told just-food.
Rewe has spent EUR15m on a logistics hub in Stolnik, near the capital Sofia, and Vasil Fecko, MD of Penny Bulgaria, claimed the business had already seen some positive signs from early trading.
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By GlobalData“There was a real run of customers on the stores when they opened their doors. The first turnover figures are excellent and clearly show that our concept is on the right course,” Fecko said.
