ROMANIA: Profi adds on investments: higher expansion budget in 2018 | Progresiv

Retailer Profi will allocate for the next year a larger investment budget of at least 50 million euros, which will be directed especially towards the chain expansion, said Daniel Cirstea, the company's general director.

In 2018, Profi will reach close to 1,000 stores nationwide, given that the planned opening pace will remain consistent with that of previous years. Thus, the retailer will close this year with nearly 700 stores. From the beginning of the year to December 15, Profi has opened 190 stores (57 in City format, 82 Loco and 51 Standard), reaching a total of 690. Of these, 370 stores operate in Standard, 153 units under the City banner and 167 Loco stores.

"It was a year in which we accomplished what we planned, namely to expand at a very fast pace and at the same time to remodel some of the stores that were opened several years ago. (...) We expect our turnover at the end of the year to exceed one billion euros", Daniel Cirstea told Progresiv.

The company ended 2016 with a turnover of over 3.54 billion lei, almost 40% more than in the previous fiscal year.