November 28 (SeeNews) - Romanian farming products retail network Agroland said on Thursday it plans to invest 6 million euro ($6.6 million) in 20 stores, starting next year.
Agroland's investment plan spans over the next four years, the company said in a press release.
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In 2020, Agroland will open five of the 20 new units in Romania's historical regions of Banat and Moldova and in Bucharest.
"The investment strategy follows an already established model of the Agroland network - over 50% of these stores will be built from own sources and will be exclusive property of Agroland, with an investment of approximately 400,000 euro, 20% will represent spaces rented in strip-mall type shopping centers and the remaining 30% will be franchises of Agroland's partners," Agroland founder Horia Cardos said.
Following investments to be made by 2024, the company expects its turnover to double to more than 60 million euro.
Agroland was founded in 1997 in Timisoara and currently operates 250 stores in 28 counties, employing over 600.
($=0.9086 euro)