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REWE's Penny Market Chain Expands in Bulgaria's Capital Sofia

Date: 14.11.2009

Penny Market, the German-owned discount supermarket chain, opened its second Sofia retail outlet on Friday. The REWE subsidiary has continued its expansion and investment plan for Bulgaria, despite the financial crisis and its effects on consumers.

At a ceremony to mark the opening of the new store, Vasil Fecko, Penny Market’s Bulgaria Manager, confirmed the company expected to expand from the present 14 outlets to a total of 50 stores throughout the country by the end of 2010.

Penny Market had invested EUR 100 M and created 700 jobs in Bulgaria, he announced. Turnover at the first Sofia store had been satisfactory, despite the economic downturn, he added.

Armin Rehberg, a management representative of REWE Group, the parent company, explained that, even when a country’s economy was in decline, the discount chain made progress. When the economy picked up, their business surges ahead.

REWE Group also owns Billa, which has been on the Bulgarian market for several years. The group operates in 16 European countries and is the fourth largest food chain in Europe.

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