Portuguese retailer Jeronimo Martins today (22 October) confirmed that its investment plans in Poland remain unaffected by the global financial crisis.
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The company, which operates Poland’s largest discount chain Biedronka, had previously said that it would invest EUR350m (US$449.3m) this year and between EUR150m and EUR200m in 2009 and 2010.
“We are maintaining previously-announced investment levels as we believe there is great potential for us to increase sales and earnings in the Polish market,” a spokesperson for the retailer told just-food.
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By GlobalData
The company said it is looking to open 150 stores in Poland per year.
Last Friday, Goldman Sachs downgraded Jeronimo Martins from “neutral” to “sell”, suggesting that a slowdown in the group’s Polish business would have a negative impact on results.
