Jysk poised to enter Hungarian market
Tuesday, March 29, 2005, 00:00
Denmark-headquartered multinational furniture, home furnishings and accessories retail chain Jysk is expanding in Hungary. The first Hungarian store of the chain will open on April 7 in the Cora hypermarket in Fót, a satellite town east of Budapest. Two more openings are scheduled to take place in the following month, including a store to be built on a former brick factory site awaiting rehabilitation on Dist. 10?s Sibrik Miklós út, according to Péter Kistamás, the top executive of the Hungarian subsidiary. The company is planning to open six to eight stores this summer, for the time being only in Budapest and its commuter belt, he added. Starting next year, one new unit will be opened every month, including major towns in the provinces as well. Jysk is planning to develop a retail chain consisting of 50 stores, half of which will be in the Budapest metro area, with the rest to be located in major towns in the country Since the density of purchasing power is the most important consideration for the chain when selecting a location, Jysk is primarily looking at densely populated residential areas such as housing estates. Established 26 years ago by Danish Lars Larsen, the company soon grew into a retail chain, and expanded to Scandinavia, Germany and several Eastern European countries. Jysk is now present in 20 countries with 1,000 stores. In Poland, the chain opened more than 50 units in five years, and it is expanding in the Czech market at a similar rate.