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Fnac to open new outlet in Athens in April February 12, 2008

Posted by grhomeboy in Business & Economy, Shopping.
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French retailer Fnac is preparing its second outlet in Athens and making plans for a third while looking for premises in Thessaloniki, with a view to eventually creating eight to 10 stores across Greece.

12-02-08_fnac.jpg  The new outlet in Athens will open in Glyfada in early April in a four-story building with a total surface of 2,000 square meters, an investment of 3 million euros.

According to estimates by Fnac’s management, the new outlet will have balanced books after only its first nine months. In the first three years its turnover will be an estimated 12 to 15 million euros. It will sell books, CDs, DVDs and other audio-visual products as well as mobile telephony and information technology products.

“The area of Glyfada is an important commercial location serving more than 15 municipalities and covering a population that exceeds 600,000,” said Patrick Salomon, general director of Fnac Greece.

The first outlet of Fnac, at The Mall Athens, has annual profits of 300,000 to 400,000 euros, while in 2008 its profits are expected to reach 1 million, added Salomon. The store opened in 2005 and in 2006 its turnover reached 16.6 million, before rising by 15 percent last year.

The company is also seeking to lease a building on Kolokotroni Street in central Athens, through a tender process that began last December. The building used to house the now defunct local branch of Habitat. After Athens and Thessaloniki, Fnac is also setting its sights on some other Greek cities as well as Cyprus for further expansion.

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