Italy: Gruppo Megamark announces €180 million investment plan

Regional Italian grocery retailer Gruppo Megamark has announced an investment of €180 million ($210 million) to modernise and expand its stores in southern Italy.

The two-year business plan will focus on Gruppo Megamark’s primary markets in the Puglia and Campania regions, reportedly creating environmentally sustainable and energy-efficient outlets that will generate around 1,200 direct jobs.

The investment is being funded by €45 million ($53 million) from the company’s capital and a €135 million ($158 million) loan from a banking group.

“We recognise the three financiers’ commitment to us, the trust and esteem we have earned from the banking system over the years”, commented Gruppo Megamark founder and president Giovanni Pomarico. “This financing represents recognition of the group’s [strength], as well as an opportunity to accelerate our growth”.

Source: Trade Magazin