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Praktiker revenue falls as property market contracts

German-owned do-it-yourself chain Praktiker's gross revenue in Hungary fell 16.7% to HUF 41.8 billion in 2009 as the property market contracted and fewer people made renovations, managing director of the company's Hungarian unit Karl-Heinz Keth told MTI.

 

Praktiker will not open another store this year, but it will continue to develop its webshop, Keth said. Praktiker opened its 20th store in Hungary in Esztergom at a cost of more than HUF 2 billion in April. About 65% of the store's visitors in the days after it opened were from nearby Slovakia. (MTI-ECONEWS)