Penny Italia Acquires 16 Stores, Grows Presence In Rome

Of this total, 13 outlets are located in Rome, where Penny has almost tripled its presence, while the other three are located in Frosinone, Ispra and Riccione.

All these stores will reopen under the Penny Italia banner by 8 June, in addition to two new Penny outlets in Rome (Via Gargano and Via L’Aquila).

Penny Italia closed 2022 with a turnover of nearly €1.5 billion, underlining the group’s positive growth trend of the last three years.

The retailer is targeting nearly 40 new store openings this year, including both organic openings and acquisitions, estimating a full-year turnover of €1.6 billion (+6%).

Nationwide, Penny Italia is present in 18 regions with more than 430 stores.

Parent company REWE has confirmed its confidence in its Italian unit by maintaining an investment trend of nearly €130 million over the next 24 months.

ESM