Discount supermarket Plus is planning to invest €400m (US$467m) to €500m a year to open more than 1,000 new stores by 2010, according to chief executive Michael Huerter, the AFX news agency reports, citing the Handelsblatt newspaper.
Plus, which is part of the Tengelmann group, is planning to focus its expansion on Romania, where it hopes to boost the number of stores to 120 from currently 11 by 2010.
It will invest €200m in its expansion in Romania.
“We want to raise the share of foreign business to 40% from currently about 25% within the next five years,” Huerter said. In the long term, Plus hopes to post about two thirds of its sales outside of Germany.