Romania: Penny performed beyond expectations
Discount Retail Chain Penny Romania (owned by the German REWE Group) approached 1 billion euros (US$ 1.22 Bn) in revenue, with a growth rate that is beyond expectations +15% according to Daniel Gross, CEO of Penny Romania. This revenue threshold was planned for 2021, but was already achieved in 2020.
Daniel Gross, CEO of Penny: When we made our business plans for 2021 we looked at 2019 as a basis, because otherwise it was hard to plan. We budgeted to be like-for-like in a plus. However, we did not budget a double digit increase and for the first time we go on an estimate of less than 10%, we are more cautious for 2021. See also here for other blog news on Penny Romania: https://www.discountretailconsulting.com/post/romania-penny-opens-7-new-stores-in-december
The German discounter Penny has 276 stores in Romania after inaugurating 20 new stores last year. For 2021 the company will slightly accelerate the pace to reach the threshold of 300 stores.
"The end of the year has confirmed our expectations. More precisely, December was a month with a weaker growth given that a good part of the Romanians from abroad did not come home for the holidays, either because they could not or because they did not want to, more precisely they postponed." says Daniel Gross, the CEO of the German discounter.