German retailer Rewe has confirmed that it will be opening 750 food stores throughout Germany by 2014.

A spokesperson for Rewe told just-food that it would be expanding both its Penny discount banner and its Rewe supermarket format. In total, by 2014 the company aims to have 10,250 outlets in Germany.

While declining to comment on the planned level of investment, the company said that it was undaunted by worsening financial conditions.

"It is the right time [to expand]," the spokesman affirmed. "We will overcome this crisis. We are cautiously optimistic and will stick to our investment and expansion plans."

Rewe has been increasing the amount of stores it operates in its home market: most recently, the group acquired 245 Extra supermarkets in January from Metro for an undisclosed sum.

German competitor Edeka has also indicated it intends to push ahead with plans to expand in the highly competitive market, despite the economic downturn. The retail cooperative recently told just-food that it would press ahead with plans to open around 1,000 stores by the end of 2010.