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Kingfisher to sell former Bricostore in Baneasa area of Bucharest

Kingfisher, which took over the former Bricostore do-it-yourself store chain in Romania last year and re-branded it as Brico Depot, plans to sell the store within the Baneasa retail area, in Northern Bucharest, according to market sources quoted by Wall-Street.ro.

One of the interested buyers is Turkish investor Omer Susli, who bought competitor chain Praktiker earlier this year. Kingfisher re-branded 8 stores as Brico Depot, but the one in Baneasa does not match its local plans. Susli said talks are ongoing on pricing, as the asked price was twice the price he had offered. “It is a good location, we want to have a store in the Baneasa area,” said Susli, according to Wall-Street.ro.

Praktiker will end 2014 with 30 stores, out of its 45-unit target. The company posted a turnover of EUR 130 million last year, the lowest level since 2008. Meanwhile, Kingfisher plans to increase its chain in Romania to 50 stores. The Bricostore chain it took over posted a turnover of EUR 131 million in 2012, with its 15 stores. The local do-it-yourself retail market is estimated at some EUR 2 billion, with main players also including Leroy Merlin, Baumax, OBI, Praktiker, Hornbach, Mr. Bricolage, and local Dedeman.

Source : Romania Insider
www.romania-insider.com/media-kingfisher-to-sell-former-bricostore-in-baneasa-area-of-bucharest/134709/

04 November 2014

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