“This year we will break even,” (Ed. n.: costs and turnover equal, without losses or profit), according to a statement for Business Standard by Patrick Knight, General Manager of La Fourmi.
In 2007 the company managed to halve its €2.1 mln 2006 losses and reported total sales of €30.5 mln.
The supermarket chain plans to invest €4.5 mln this year to open 4 new stores and modernize a further 8. Knight is also interested in modernizing and rebranding the stores to attract more customers. There are 14 La Fourmi stores in Bucharest, and plans exist already to expand to other cities in the near future.
La Fourmi was the first supermarket chain in Bucharest. Its first store was opened in 1993. In 2005 it sold an 80 percent share package to an investment fund managed by Greek company Global Finance.
La Fourmi’s main competitors are Ethos, G’Market, Primavara and Mega Image.
According to Cyprus-based retail audit company MEMRB, it was estimated that foreign-owned supermarket chains would reach 136 units in 2007, up from 90 units in 2006.
La Fourmi plans to cut its losses in 2008
Publicat la 10.01.2008, 22:00:00
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