Real Hypermarket scales back its store growth amid tough market conditions

Real Hypermarket Romania will open five stores in 2009 down from 7 in the prior estimation, due to delays registered by real estate developer that failed in contracting loans for their projects, said the managing director of the company, Tjeerd Jegen (photo).

“Most of the real estate developers have problems in finding the financial resources for their projects due to the recent economic changes, which means that we are indirectly affected by the crisis. This is why we can guarantee for only 5 stores to be opened next year, from seven stores as it was previously announced, following to invest 100 million euros”, said the managing director of Real, Tjeerd Jegen.

He added that Real chain will end this year with 20 stores opened – from 17 as it currently operates – postponing one of the openings scheduled for 2008, due to delays in the store construction works.
“Real Hypermarket in Constanta will not be officially opened in December as we had initially announced, but in 2009, due do construction delays”, Jegen added.

Real Hypermarket will open on Thursday in Arad, the 17th store of its national chain following a total investment of over 22 million euros. Arad-based store will have a total enclosed floor area of 14,000 sqm, and 7,457 shopping area together with 500 parking spaces.

The store commercializes 40,000 food and non-food products, having a 8,100 sqm commercial gallery where 20 stores will be opened. Arad-based hypermarket is the third retail unit opened this year by the operator. Real’s expansion plans for 2008 include three new stores in Oradea, Pitesti and Suceava.

Translated by Camelia Oancea

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