Romanian electro-IT retailer Flanco expects a turnover of over RON 950 mln (EUR 209 million) for this year, up by some 3.6% compared to 2016, reports local Hotnews.ro.

The company recorded a turnover of RON 917 million (EUR 201.8 million) last year, 18% higher than in 2015.

It opened 25 new stores and closed three stores. The Flanco network now has 122 stores.

Flanco CEO Dragos Sirbu said that the rents in malls are aberrant and some shops will be closed. The company decided not to enter some of the new shopping centers in Bucharest, such as Veranda or ParkLake. The retailer has already signed contracts to open five new stores this year and is currently assessing another 10-12 opportunities.

Dragos Sirbu estimates that the local electro-IT market will increase by only 5% this year compared to a 9% increase in 2016. The beginning of year was not too great especially because of the cold weather, but also due to the street movements that affected consumer confidence, according to the Flanco executive.

He explained that these factors influenced consumption because it is a human natural reaction of self-preservation, people need to see what is going on.

editor@romania-insider.com