Portuguese retailer Jeronimo Martins today (22 October) confirmed that its investment plans in Poland remain unaffected by the global financial crisis.

 

The company, which operates Poland's largest discount chain Biedronka, had previously said that it would invest EUR350m (US$449.3m) this year and between EUR150m and EUR200m in 2009 and 2010.

 

"We are maintaining previously-announced investment levels as we believe there is great potential for us to increase sales and earnings in the Polish market," a spokesperson for the retailer told just-food.

 

The company said it is looking to open 150 stores in Poland per year.

 

Last Friday, Goldman Sachs downgraded Jeronimo Martins from "neutral" to "sell", suggesting that a slowdown in the group's Polish business would have a negative impact on results.