Metro approaching €2 bln threshold

Metro’s growth rate is almost double compared to the overall growth of the market, of 15-20 percent annually.

“We are very satisfied with results registered in Romania last year and are confident that we will strengthen our market position in the 2008 fiscal year,” Metro Group representatives said.

Metro operates locally through the Metro Cash&Carry Romania chain, with 23 stores and sales 11.3 percent higher year-on-year, to €1.59 bln, and the Real Romania hypermarket chain, with business growing 4.5 times compared to 2006, to €367 million.

With its turnover just below the €2 bln threshold, Metro is among the largest players in the Romanian economy, together with oil giant Petrom, controlled by Austrian group OMV, car manufacturer Automobile Dacia, part of the French Renault group, and ArcelorMittal, whose main shareholder is Indian-born billionaire Lakshmi Mittal.

Metro was the first international group to develop a major retail chain in Romania. The group was brought to the country by businessman Ion Tiriac, the second-richest businessman in Romania. Tiriac owns some 15 percent of Metro Cash&Carry Romania through the Zareba Holdings company.