Supermarket group Jerónimo Martins has announced plans to invest EUR600m (US$705m) over the next three years, in organic growth, according to the UK-based Institute of Grocery Distribution.

In its domestic market, the retailer is aiming to increase its annual turnover to EUR1bn euro, through the opening of 25 new Pingo Doce supermarkets and 25 Fiera Nova hypermarkets, by 2008. 
Jerónimo Martins is also planning to invest EUR250m in its Polish operations. The retailer is aiming to increase its number of Biedronka discount stores from 725 in 2004, to 1,100 by 2008. The retailer is also pursuing other opportunities in the country, including the incorporation of pharmacies into its stores.  Overall, the company is aiming to increase its return on invested capital from 18% in 2004, to 20% by 2008.