Elvila to invest over 15m euros in retail chain

Furniture producer Elvila plans to invest around 15-20 million euros over the next three years in order to develop its network of stores that are larger than 5,000 sqm each, said chairman Viorel Catarama. “We already have the land and the blueprints and will begin construction of a new store in Iasi this year, followed by one in Ploiesti, before moving on to Craiova, Timisoara, Oradea, Cluj, Sibiu, Deva, Hunedoara, Pitesti and Arad. The idea is to have a large store in every city with more than 100,000 inhabitants,” Catarama explained. The investment will be self-funded but also supported by banking loans. “Elvila has a yearly net income of 3-4 million euros and I believe we can cover at least half of the investment from our own resources,” Catarama added. ZF