Austrian food retail chain Zielpunkt, a unit of German retailer Tengelmann, has targeted the position of third-largest food chain in Austria after Rewe and Spar.

Zielpunkt is currently fifth in Austria in terms of market share, with 6.2%. By the end of 2003, the company plans to open 30 new outlets, bringing its total number of outlets to 315, with a view to expanding to 450 outlets in the medium term.

For Zielpunkt’s current financial year, which began on 1 May, the retailer has targeted an 8.7% increase in turnover from €660m (US$785.4m) in the latest financial year, reported the Austrian News Digest.