Romania: Lidl wants to be market leader in 2021
Discount Retail Chain Lidl Romania ticked a turnover of 9.7 billion lei ($2.4bn) and a net profit of over 491 million lei ($121mn) with 261 stores. These financial data reported to the Ministry of Finance show an increase of 25% compared to 2018, exceeding three times the average market growth. The figures are even higher taking into account the reports from the end of the financial year which, in the case of Lidl, means the end of February 2020. In this context, the company's plans for 2021, the 10th anniversary year of Lidl Romania, are great: a network of 300 stores and market-leader.
Frank Wagner, CEO of Lidl Romania, says in an interview with Progresiv magazine that, if in the last three years Lidl has managed to grow three to four times above the market average and opening 15-20 stores every year, it will manage to achieve the same performance next year.
At the moment Lidl single discount retail competitor in Romania is Penny Market ,owned by REWE Group with 262 stores and a revenue of $1bn in 2019 (see also our post https://www.discountretailconsulting.com/post/romania-penny-the-1-billion-discount-retailer). Hard discounter MERE (owned by Russian Torgservis) recently opened also its first store in Romania.