PIC group based in Pitesti (south), a business developed from ground up by Ilie and Cornel Penescu brothers, plans to invest 25 million euros per store for creating their own chain of eight hypermarkets by 2010, including in Bucharest, Ziarul financiar reports.

PIC, with annual revenues of over 50 million euros, is ready to compete with international groups Carrefour, Cora and Real. "We aim at becoming leaders on the hypermarket segment in five years," said PIC officials. PIC Group builds the hypermarkets on its own, which means a reduction by 40% of the cost. PIC will open next year two hypermarkets with a sale surface of over 10,000 sqm in Craiova (south) and Braila (south-west).The Penescu brothers in 1991 started a trading business and gradually extended their portfolio, which now also includes a rice factory, an edible oil bottling line, and sugar packing lines. The new stores will be financed 75% through loans raised mainly from Romanian Commercial Bank. The market of hypermarkets is very competitive, with many players that focus on increased sales volumes, since gain margins are lower in modern trade versus the traditional one.

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