November 18 (SeeNews) - Romanian farming products retailer Agroland [BSE:AG] said on Thursday it opened a new store in the city of Bals, Olt county, following a 150,000 euro ($170,093) investment.
Located in the Joy Retail Park, southern Romania, the new store covers an area of 423 sq m, of which 72 sq m are used for storage of goods, Agroland said in a statement filed with the Bucharest Stock Exchange, BVB.
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Agroland representatives estimate a daily traffic of approximately 150–200 people for the new store and sales of over 600,000 euro in the first year of activity. The store is expected to start generating profit in 2022.
The new unit is the 11th Mega-type store which the company has opened since the beginning of the year.
At the end of 2019, Agroland announced a four-year 6 million euro plan for investment in 20 new Mega-type stores.
Agroland was founded in 1997 in Timisoara and currently operates 251 stores, of which 15 are Mega-type stores. Its network employs over 600.
Agroland's shares traded 0.39% higher at 3.8550 lei ($0.88/0.78 euro) as at 1405 CET on Thursday on the Bucharest bourse.
($=0.8819 euro)