Retail chains in the Czech Republic are reporting record revenues as they continue to invest into new expansions as well as modernizations of existing stores. In the first three quarters of 2016, shopper spent CZK 204bn, up CZK 4bn y-o-y. The trend is expected to continue in Q4, according to data compiled by the Czech Statistic Office. Ladislav Csengeri of GfK says that in November and December spendings in hypermarkets are usually 13 percent more, compared to the rest of the year.
German chain Kaufland, owned by Schwarz Group, plans to invest CZK 10bn into new stores and remodeling over the next three years, following an investment of CZK 3.25bn in 2016. Kaufland’s profit reached CZK 2.1bn in the fiscal year ending in February 2015, while Lidl’s increased to 2.6bn. Lidl, which belongs to the same German group as Kaufland, plans to invest CZK 9bn before the end of 2018.
