Retail generates business worth €80 mln for PIC in H1

“The results registered in the first six months lead us to target more than €200 million in turnover for the whole of 2008,” the company’s General Manager, Liviu Facaleata, told Business Standard.

The company operates four hypermarkets in major cities, but none in Bucharest. Last year, it registered turnover worth €130 million.

PIC plans to expand one store and open a further two hypermarkets this year. Investments amount to some €25-30 million per store, company officials said.

The Romanian retail market is the second-largest in Central and Eastern Europe and was worth some €40 billion last year. It is expected to exceed €100 billion by 2010, according to Deloitte consulting company.

Main competitors on the hypermarket segment are Carrefour, Cora, Auchan and Kaufland.