Hungarian consumer electronics franchise has ambitious plans for growth

Electric World Hungary Kft. has its sights set on expansion in Austria, Slovakia and Romania, as well as in the domestic market, vg.hu reported yesterday. The company currently operates seven shops and one webshop in Hungary under the brand Elektro Outlet and it hopes to expand its franchise network by 30-40 stores by the end of the year.

The outlet sources goods with damaged packaging or goods with minor faults directly from Siemens, Bosch, Daewoo, Indesit, LG and Samsung, in addition to unsold factory stocks, chief executive János Mag explained to the business news portal.

The company sees the outlet sector’s dynamic growth of 50%-70% annually as a good opportunity to expand its partner network, and it is expecting new partners to enter a market, which accounts for an annual turnover of HUF 600 bln, according to the company, while the guaranteed goods’ market has been shrinking steadily.

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