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CBA Asset Management opens Veliko Turnovo hypermarket

Friday, Mar 28, 2008

The first hypermarket of the CBA Asset Management chain in Veliko Turnovo opened its doors on March 27 in Retail Park Veliko Turnovo, company officials told investor.bg. Technomarket, Danish homeware retailer JYSK and a number of other retail chains opened their outlets in the shopping centre on the same day.
Investment in the hypermarket exceeds two million leva. The shop has 10 cash-register terminals and an own 80-car indoor parking. It will employ 80 people.
The retail unit will be managed by CBA Asset Management's subsidiary in Veliko Turnovo, which has 15 supermarkets in the area, generating 44.7 million leva in operating revenue and a net profit of 1.4 million leva in 2007.
The second hypermarket of CBA Asset Management will open on April 3 in Sofia - its first unit in the capital, marking the onset of the chain’s expansion beyond central and northern Bulgaria, which is likely to continue eastward after the successful conclusion of the preliminary contract for the purchase of 100 per cent of the Varna food retailer Burlex 104 shares, according to a company statement.
If the deal goes through, CBA Asset Management will manage through its subsidiaries a total of 29 shops, located in Sofia, Varna, Veliko Turnovo, Rousse, Gabrovo, Turgovishte, Dobrich, Provadia and Kavarna.
After finalising the transaction with Burlex and opening the new shops, the retail areas operated by the company will increase from 3 900 sq m in mid-2007 to 16 500 sq m in mid-2008.

Source: www.propertywisebulgaria.com