Spar to postpone portion of planned developments in Hungary
Supermarket operator Spar will postpone a significant part of the investments it planned in Hungary in the next few years, because the food supervisory fee and proposed legislation affecting retail trade affects the company's operations in Hungary, Rudolf Staudinger, supervisory board chairman of Spar Magyarország announced at a press conference yesterday.
Spar intends to consult with government representatives on the effects, he said. Spar is not contemplating leaving the Hungarian market where it has invested net €500 mln over its 23-year presence, but it will likely postpone developments and will restructure expenditure, Staudinger said in response to a question. Spar operates more than 400 shops in Hungary, and, with gross turnover of HUF 453 bln, was the fourth biggest retail chain in Hungary last year, senior manager Gabriella Heiszler said.
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