Pepco Group’s target for the financial year 2022/2023 (launched on October 1, 2022) is at least 550 new net stores and the entry of the PEPCO brand into new markets – in Greece and Portugal, the company said.
Following the encouraging results in new and existing markets, we continue to accelerate our store chain expansion program. The target for fiscal 2023 is at least 550 new stores net. In fiscal 2023, we also plan to enter new markets – Greece and Portugal, announced the Pepco.
As part of the accelerated expansion program of the chain of stores, the group opened a record number of new stores throughout 2021/2022 – 516, i.e. more than the planned 450 (this target was also increased compared to the original assumptions). As part of the PEPCO brand, 446 new stores were opened, i.e. more than 400 planned, including 163 new stores in strategically key markets of Western Europe: in Italy, Spain, Austria and Germany.
70 new stores were opened within the Poundland Group (excluding the closing of 59 Fultons stores), the vast majority of which are Dealz stores in Poland.
“As we reported in July, following the successful transformation of Dealz stores in Spain into PEPCO facilities, thanks to which a full range of PEPCO clothing and general-purpose items and fast-moving consumer goods from Poundland’s offer are available under one roof, the Group decided to withdraw Dealz brand from Spain and the implementation of the growth strategy for the PEPCO brand. Following this pilot, the conversions of Dealz stores into PEPCO stores are carried out in other locations, and the results are in line with our expectations,” Pepco said.
“As a result of a successful project in Spain, PEPCO is now conducting a small scale pilot of PEPCO branded stores in the Republic of Ireland. This means converting existing Dealz stores at six locations into PEPCO stores and selling all three product categories under one roof. of customers visiting our first pilot store in the Omni shopping center in the Santry suburb of Dublin was extremely positive and we are carefully analyzing the next feedback we collect, the company further announced.
In addition to the existing store modernization programs, the group conducted pilot programs regarding the new offer and appearance of PEPCO stores in 16 stores in Wrocław and 47 in Warsaw.
“This made it possible to increase the sales area by 4-12%. The stores have gained a better layout and decor, the products are better displayed, which contributes to the improvement of financial results. Success in this area resulted in the decision that the modernization program will cover the next 2-3 years other PEPCO stores,” Pepco also announced.
Source: Pepco Group and ISBnews
