Penny Italia closed 2022 with a 9.3% increase in turnover compared to the previous year, with sales approaching €1.5 billion.
The discounter, which owned by German grocery retailer REWE Group, invested over €75 million in its operations during the period.
It announced 19 new store openings, while 52 stores were modernised and a number of new innovations were introduced, including major energy efficiency upgrades and the introduction of in-store service areas.
The retailer also invested €32 million in opening a new warehouse in Buti near Pisa, which will serve stores in the center-north of Italy.
As part of its ethical approach to business, Penny Italia opted to absorb 3% of the inflation in 2022, rather than passing this on to shoppers.
The Year Ahead
Looking ahead to 2023, the discounter is expecting 8.7% growth and the opening of 23 new stores, net of merger and acquisition operations.
REWE has confirmed its confidence in its Italian unit by maintaining an investment trend of nearly €130 million over the next 24 months.
Plans include the modernisation of 80 stores to which serviced departments will be added.
According to Penny Italia, its medium and long term focus will be on ‘people, sustainability, digitalisation and innovation.’
The discounter operates 423 stores in 18 Italian regions.
Read More: Penny Italia Targeting 8% Share Of Discount Market By 2025
© 2023 European Supermarket Magazine – your source for the latest Retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.
