BUCHAREST (Romania), April 8 (SeeNews) – Romanian IT and consumer electronics retailer Flanco said on Monday it plans to invest 12 million lei ($2.8 million/2.5 million euro) in 21 stores by the end of 2019.
By the end of the year, Flanco aims to have 160 stores across the country, especially in small and middle-size cities, Flanco said in a press release.
"We started the year with openings in Borsa (Maramures County), Vulcan (Hunedoara County), Moreni (Dambovita County) and Toplita (Harghita County). With the opening in Odobesti, we were glad to reach 100 cities where Flanco is present, but we will not stop here. For next month, we have already planned three more store inaugurations, two of them in new cities," Flanco Retail CEO Dragos Sirbu said.
On Friday, Flanco opened a store in Odobesti, in Vrancea county, expanding its network to 139 stores located in a hundred cities across the country. By end- April, the retailer plans to open two more stores - in Pucioasa, Dambovita county and in Gherla, Cluj county.
Currently, Flanco has has a total of 1,500 employees.
Flanco was founded in 1990 by a Romanian businessman and is currently owned by Iulian Stanciu, CEO of Romanian IT retailer eMag.
Flanco's net profit increased fourfold in 2018, to 21 million lei, while its turnover grew 9% last year to 1.07 billion lei.
(1 euro=4.7507 lei)