German REWE's Retail Chain Billa Confirms Medium-term Plans To Open Eight Stores/Year in Bulgaria

The company is implementing a five-year investment programme, launched in 2007, that calls for network expansion to more than 75 units, but the pace of expansion would depend on the market, Billa said in a statement. It gave no investment figures.

The company, which set foot in Bulgaria in 2000, has invested 230 million levs ($169.8 million/120.9 million euro) to open 33 units in the EU newcomer so far.

In 2005 REWE unveiled plans to open by 2010 50 supermarkets up to 1,800 square metres each, targeting Bulgarian towns with population of at least 40,000.

Billa competes in the country of 7.6 million people with Germany's Kaufland, Metro Cash & Carry and HIT, Lithuania's VP Market and smaller Bulgarian players like Fantastiko, Oazis and Piccadilly. No data is available on the market share of Billa or any of its rivals.

(1 euro = 1.95583 Bulgarian levs)