Pepco in deal for 29 Austrian stores
Poundland, Pepco and Dealz owner Pepco Group has signed a framework agreement with CCC Austria for the acquisition of up to 29 store leases in Austria.
The discount retailer that also owns the Pep&Co budget fashion line said back in April that it was making preparations for a launch in Austria. This new agreement provides the brand “with an immediate nationwide footprint of stores in proven locations which fit the Pepco store model across Austria”.
The deal should be complete by the end of September, allowing the stores to trade throughout the important fourth calendar quarter.
Austria is the group’s 17th territory for the Pepco brand and follows recent successful openings in Italy and Spain.
It said the Austrian debut is “a further indication of the group’s pan-European ambitions and follows substantial customer and market research which provided confidence on the success of the proposition beyond its core markets of Central Europe”, where Pepco has over 2,200 stores in 14 countries.
Including the UK Poundland operation and the Dealz brand. The group currently trades in 16 European countries, operating 3,200 stores in total.
CEO Andy Bond, the former Asda chief executive, said the group is aiming “to become Europe’s pre-eminent discount variety retailer”.
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