Expansion takes Pic's sales to over 90 million euros

The Pic Group, owner of two hypermarkets in Pitesti and Craiova, estimates 50% higher retail sales against 2006, reaching over 90 million euros (300 million RON). The company witnessed sales worth 200 million RON (56.7 million euros) in its own retail network, up 30% on the value seen in 2005, having opened its second hypermarket in October last year, with a sales area of 15,000 square metres. “The Craiova store has not yet outranked the Pitesti-based store in terms of sales, but continues to grow daily,” said Liviu Facaleata, general manager of the Pic Group. The Penescu brothers, owners and founders of the Pic group, will invest approximately 50 million euros in two hypermarkets, whose opening is scheduled for the second half of the year in Braila and Oradea. “We have not yet used bank funding for this year’s openings,” said Facaleata. The Penescu brothers plan to develop an 8-hypermarket network by 2010, partially funded through bank credits.