Selgros to open another 7 stores

Selgros, the cash & carry division of the German trade group Rewe will come to own 11 stores in Romania in the next three years. The company, which currently holds four cash & carry-type stores will open seven more in the main cities across the country over the next three years, the Romanian Agency for Foreign Investment (ARIS) says. The total investment is set to reach 120 million euros. The Selgros officials in their turn were saying they were planning to open three to five stores a year to build a fifteen-store network in the end. Selgros now has a store in Brasov and two in Bucharest, with the fourth opened in Targu Mures at the end of last year. The investment required for opening the stores so far is estimated to 15 million euros. The first such store this year will be opened in southern Bucharest. The Romanian market sees another cash & carry network operating, as well. It is held by another German group, Metro and comprised of 15 stores in Bucharest (3) and in the main cities across the country, which sold 600 million euros’ worth last year. Metro officials estimate sales to go up to 700 million euros in 2003. ZF