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Dec 12, 2007 15:37 EEST
December 12 (SeeNews) - Turkish electronics and IT retailer Teknosa will invest a minimum $9.0 million (6.1 million euro) to expand in Romania next year, hoping to grab 7.0-8.0% of the local market, Teknosa’s Romanian unit Primex said on Wednesday.
Teknosa plans to open 15 new stores in the EU newcomer next year, bringing its network to 22 retail units, retail chain Primex said in a statement.
“Our goal for 2008 is to hold around 7.0-8.0% of the [Romanian electronics and IT] market, a percentage that we can achieve with the help of the future investments that we will make and through the right business strategy, considering that it is a competitive market and our brand is still a young one in Romania,” Primex director general Gyorgy Baba said in a statement. Primex's current market share was not disclosed and no company official was available to comment.
Teknosa acquired 51% of Primex (www.teknosa.ro) in November last year for an undisclosed sum and has invested $5.6 million since. Primex estimates a turnover of $40 million this year. Its most popular products are notebooks and accessories, cellphones and consumer electronics.
The main players on the Romanian electronics and IT market are Flamingo, Altex and Domo.
Teknosa (www.teknosa.com.tr), part of Turkey’s Sabancı Holding, expects the turnover from its Turkish operations to exceed $750 million this year compared to $517 million in 2006. It estimates a turnover of more than one billion euro, including its Romanian operations, for next year. Teknosa operates 213 stores in Turkey.
($ = 0.6812 euro)
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