SPAR opens another 4 stores, but not in Bucharest

SPAR store network will open four stores by the end of the year in Arad, Resita, Barlad and Otelul Rosu, following investments estimated at 2.5-3 million euros. Bucharest will, however, be excluded from expansion plans, due to the high real estate prices, according to representatives of SPAR Romania. All in all, the network plans to expand by 7 stores locally, which will bring its overall number of stores to 21 supermarkets and hypermarkets. Cumulated investments in SPAR’s Romanian network had reached 22.4 million euros, said officials of the retailer. SPAR, which entered the Romanian market in 2005, last year posted sales worth 37.5 million euros in its 14 Romanian stores, around 6 times higher than the value reported in 2006, according to data from the Ministry of Finance. In 2007, financial losses amounted to almost 3.3 million euros.