Romania's Top Appliances Retailer Renews Interest in Bulgaria

Sofia News Agency

Romania's top retailer of household appliances, Altex, has renewed its interest in the Bulgarian market and plans to open its first store in the country next year, company CEO Dan Ostahie said.

Altex, which has a market share of 26% in Romania and targets sales of EUR 300 M this year, shelved its plans to expand to Bulgaria in 2005 on the back of underwhelming financial results.

"We will follow up with our plan to expand to Bulgaria in 2008. We want to open our first store next year, and we plan to finance it from our own cash flow," Ostahie was quoted as saying by Romanian business daily Ziarul Financiar.

With 90 stores in two chains, Altex and Media Galaxy, throughout the country, the company is the biggest retailer owned by domestic capital in Romania.

One of its main competitors, Flamingo, had opened two stores in Bulgarian capital Sofia in 2005 as part of plans to expand throughout the region.

But bad results at home forced the company to give up on its plans and it sold the Sofia stores last year.