Discounter Penny Italia closed 2023 with a turnover of €1.62 billion, growing its network to 449 stores across 18 Italian regions.
This growth was fuelled by a €70 million investment in 34 new stores, 78 store modernisations, and the opening of a new logistics platform in Buti, Tuscany. This platform lays the groundwork for a future fresh hub in Buccinasco.
Additionally, the business tripled its presence in Rome through strategic acquisitions, including the purchase of 18 stores from Gruppo Faranda, bringing its total number of stores in the Italian capital to 25.
Sustainability And Customer Experience
Penny Italia also prioritised sustainability and customer experience throughout the year, making its renovated stores more environmentally friendly. It also increased the range of fresh food options on offer, with 120 in-store butcher counters and 117 delicatessens operating by year-end.
Penny Italia recently launched a fully digital loyalty card integrated into its new app, while also revamping its its loyalty program, introducing a cashback system enabling customers to accumulate points to avail of free products, discount vouchers, or prizes.
Elsewhere, Penny Italia increased its commitment to water conservation through the development of three aeroponic agriculture products, requiring 95% less water.
Private-Label Investment
Penny's private label offering encompasses 41 brands across three price tiers, and in recent years, the retailer has placed strong emphasis on the premium segment.
This focus on premium has driven private label sales to a 56% share of total turnover, with ambitions to reach 65%, while in the fresh produce category, private label already surpasses 70% market share.
In 2024, the 30th year of its presence in Italy, Penny Italia plans to open 26 new stores and upgrade over 50 existing outlets. The new Penny Punto store format focuses on fresh products and offers over 300 SKUs.
