Vilnius, Lithuania, 2016-Aug-02 — /EPR Retail News/ — Maxima Bulgaria, one of the companies of Maxima Grupė, acquired 12 stores, which previously belonged to the German retail chain Penny Market. This year they will become a part of T Market chain. After the transaction, the company’s chain in Bulgaria will increase from 48 to 60 stores. In the acquisition, reconstruction and fitting out of the new stores, the company has invested 7.6 mill. euros. More than 200 new jobs will be created.
“The retail sales market in Bulgaria is very competitive. We can see even international chains unable to withstand the competition and retreat, whereas T Market is becoming increasingly popular in Bulgaria. The shoppers appreciate the format of our shops due to small prices, constant quality of products, regularly updated assortment and good supply of local produce”, tells the CEO of Maxima Grupė Alvydas Šustikas.
Maxima Bulgaria has bought three and leased nine stores, previously owned by the German retail chain Penny Market, which is leaving the Bulgarian market. The taken over shops were chosen in consideration of their location, possibility to attract new customer flows and suitability of premises for the T Market store format.
As a result of the acquisition, Maxima Bulgaria will expand the geography of its operations and the extended network will cover the majority of the country. New stores will be opened in Sophia and 11 smaller cities, where T Market has not operated before.
The transaction has already been approved by the Bulgarian Commission on Protection of Competition. Maxima Bulgaria plans to invite the shoppers to the renovated stores in September-October.
In consideration of the buyer needs, Maxima Grupė is expanding the neighbourhood store network in Bulgaria. Here, a policy of low prices and beneficial promotions is pursued and the best quality and price ratio is offered. The stores are established in convenient, densely populated and easily accessible locations near the shoppers’ homes. Each store offers an assortment of 4,500–7,000 different product names, with the major part of them being products of local producers.
Last year, Maxima Bulgaria celebrated its tenth anniversary of operations in Bulgaria. In 2015, its annual turnover increased by 10.4 % to 72.4 mill. euros excl. VAT. Last year, Maxima Grupė invested 2.3 mill. euros in the development and support of business in Bulgaria. The investments were focused on the launching of four new stores and renovation of the existing stores.
Maxima Grupė is a holding company founded in 2007. It controls retail trade companies in Lithuania, Latvia, Estonia, Poland and Bulgaria. Currently, the Group owns 532 stores Maxima X, Maxima XX, Maxima XXX, Aldik, and T Market: 233 in Lithuania, 149 in Latvia, 74 in Estonia, 48 in Bulgaria, and 28 in Poland. Companies of the Group employ more than 31,000 people.
Corporate Affairs Manager | Maxima Grupė
Source: Maxima Grupė