Lithuanian retail group Maxima has announced that it is to lease 11 stores in Plovdiv from local retail chain Triumph.
The retail giant is awaiting the decision from the Bulgarian Commission for Protection of Competition to sign a long-term lease contract for the Triumph stores.
'Long-Term Strategy'
The move is a part of Maxima's long-term strategy to strengthen T-Market‘s growth in Bulgaria.
CEO of Maxima Bulgaria, Peter Pavlov, said, "Over the last 14 years we have been investing in stores near our customers’ households or workplaces, offering shopping experiences in the best possible conditions.
"We will begin the process of store integration after receiving permission from the CPC," he added.
Triumph, a local Bulgarian grocery chain, operates 11 stores in Plovdiv. Maxima Bulgaria's store network comprises 73 outlets in 38 cities across the country.
In 2018, the company opened nine new stores and reported year-on-year revenue growth of 19.4% to €132.8 million.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
