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Bulgaria: T-MARKET opens four new Stores

Discount Retail Chain T-MARKET (owned by Lithuanian retail chain Maxima) will open four more new stores in Bulgaria by the end of the year, and plans to renovate at least four more, the company said. "As before, we are planning to open stores all over the country, including in smaller towns, to find new jobs and to invest more and more in our employees and their competencies, and we have built a stable team of more than 1500 employees", says Edwinas Volcass, managing director of the owner company Maxima Bulgaria.

T-MARKET is part of MAXIMA GRUPE and works in Lithuania, Latvia, Estonia and Poland. It has been present on the Bulgarian market since 2005. The total number of discount stores in Bulgaria is 74. The four new stores in Bulgaria are part of a total of 140 new locations, which the chain is considering opening. The total investment for this year is € 100 million (US$120 million). Maxima Grupe plans to invest a total of € 600 million (US$720 million) in opening new premises and renovation over the next few years. In addition, it is intended to limit the cost to the company, with the expectation of achieving efficiency gains of € 500 million (US$600million) over 7 years. The group has also set a target for growth of 7% each year.

Last year, Maxima Grupe acquired the company that operated the Polish supermarket Stokrotka in a deal worth € 284 million (US$340 million). This Lithuanian company became the owner of more than 560 stores in the Central European country.


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