Romania: Penny Market reaches US $1 billion in revenues with 262 stores
Updated: Aug 19, 2020
Discount Retail Chain Penny Market (owned by German REWE Group) has 262 stores in Romania. The company expands every year with 20-25 stores in Romania. Its initial target was 400 stores by 2025, but now the retailer has redone its plans and says that there is room for 600 Penny stores by 2029. In 2019, Penny Romania obtained a turnover of almost US$1 billion (4 billion lei), a plus of 15%.
Daniel Gross, general manager of the Penny Romania discount retail chain, says that since the beginning of the pandemic, the company has organized a crisis cell and drawn five scenarios. The most optimistic scenario spoke of an increase in the pace of previous years, of about 15%, and the most pessimistic of a decrease in turnover.
"It simply came to our notice then. Who knows what will happen next will be able to earn a lot of money. We have been working with five scenarios that we have been building since the second week of March. The most optimistic was supposed to stay on last year's trend. Seven months of the year have already passed and so far we are approaching the optimistic one, with a development in line with the last years. "