Discounter Penny Market is planning to invest €167 million in the period 2018-2019 as part of its expansion plans in Italy.
The sum represents a significant increase compared to previous years, with the Rewe Group-owned retailer having invested €56 million in 2017 and €58 million in 2016.
According to the retailer, the two-year strategy will see €80.2 million earmarked for the opening of new stores, while €27.9 million will be spent on remodelling existing stores to make the shopping experience more in line with current trends.
An additional €20.9 million will be invested in existing stores and new distribution centres in Tuscany and Sicily (Catania). The company will also invest €1.8 million in a new headquarters at Cernusco sul Naviglio near Milan.
New Stores
About 20 store openings are planned for the current year, concentrated in the Tuscany, Lombardy, and Piedmont regions, as well as in Southern Italy, resulting in the creating of some 100 jobs.
Last month, Penny Market opened its first store in Pisa and its 366th store in Italy.
The retailer has been rolling out a new store concept, Ambiente 3.0, which has been designed to guarantee customers a shopping experience of quality and efficiency. New stores feature greater energy efficiency, such as the use of LED technology for lighting, and more efficient refrigeration systems.
Penny Market has more than 500 Italian suppliers in its product assortment, which includes regional products and the private label line Cuor di Terra, which boasts around 60 references.
Recently, the banner completed a restyling of its Fior di Pasta private label offering, consisting of 35 pasta references.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine
