GFS headed for $100m this year

Developing the supermarket chain and introducing as many brands through franchises in Romania as possible are the ways Razvan Petrovici, general manager of the GFS Group, plans to use to boost turnover to $100 million in 2004. Particularly because the strongest business of the group last year, the duty-free retail could be affected by Romania’s EU accession in the medium run. “Our duty-free business has reached maturity. We posted more than $33 million turnover last year, 40% more than in the previous year. In 2007, once we join the EU, we will lose two borders (Hungary and Bulgaria i.e.). We hope the Government will do the same thing Greece, Czech Republic or Spain did, i.e. keep the duty-free shops at the non-EU borders,” Razvan Petrovici said. Under the circumstances, the group will be focusing on retail this year. In 2001, GFS set up Univers’all, which operates a chain of supermarkets that grew to five such units last year. The first three stores were opened in Sibiu, Suceava and Targu Mures in 2002, with the other two opened in Iasi and Constanta last year. A supermarket in Bucharest is planned for this year and Petrovici hopes to have it operational by Easter. ZF