Flanco might end 2010 with 85-90 million-euro turnover

Flanco store network, insolvent after seeing sales plunge by almost 65%, to 70m euros in 2009, is likely to end this year with turnover ZF puts at 85-90m euros, considering the retailer is set to open another four stores in the first half of December.
“Retail is moving to retail parks. In Bucharest and large cities, street front retail has disappeared. In cities with a population of between 250,0000 and 40,000 inhabitants, such as Adjud or Aiud, it will be not malls, but retail parks that will emerge. In several years, street front stores will vanish,” believes Adrian Olteanu, Flanco CEO.
In the first half of December, Flanco, a 71-store network, will open four new stores in Timișoara, Botoșani, Giurgiu and Bucharest. Another 10-15 stores are scheduled for next year. The new Flanco stores will be located in retail parks and shopping centres.
Until then, though, Flanco executive says that for the time being a Romanian on average spends 43-44 euros on electronics and electrical home appliances per year, five times less than the Czechs and Slovaks and over ten times less than Germans.