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Penny Market Inaugurates HUF 7 bln Expansion

Retail

From left, State Secretary Norbert Izer, Penny CFO Silke Janz, and CEO Florian Jens Naegele, cut the ribbon at the company's renewed logistics center in Karcag at its handover on November 25, 2022.

Photo by Zsolt Czeglédi / MTI

German-owned discount supermarket chain Penny Market inaugurated a HUF 7 billion expansion of its logistic base in Karcag (165 km east of Budapest) last week, according to portfolio.hu. 

The Karcag logistic base is one of three such facilities Penny Market has in Hungary, State Secretary Norbert Izer of the Ministry of Finance said at the ceremony. The investment was financed from the company's internal funds, he added. 

Headcount at the logistics base is expected to increase by 40 initially and then an additional 60. CEO Florian Jens Naegele noted that local suppliers provide almost two-thirds of Penny Market's product offer in Hungary. CFO Silke Janz said the area of the logistic base had increased by 10,000 sqm, nearly doubling storage capacity. 

Penny Market has 228 stores in Hungary and employs close to 5,000 people. It had revenue of HUF 322 bln in 2021, according to public records.

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