New German store chain to conquer Hungary – VIDEO
Home furnishings, toys, office supplies and cosmetics are available at the newly opened TEDi shop in Savoya Park. The German chain plans to open new stores in Hungary, which competitors are not particularly happy about.
Since 2004, the German non-food chain has conquered 11 countries and opened more than 2600 stores. Therefore, it is no coincidence that this year the company started to expand in Hungary as well.
The first TEDi store has recently opened in Budapest. On this occasion, the company has posted an impressive video:
This clearly shows the non-food products available in the shop, which are mostly home furnishings, toys, office supplies, cosmetics, decorations and do-it-yourself items.
The store awaits customers since the end of March in Savoya Park.
They also have units in Pápa and Székesfehérvár. And above all these, further expansion is planned to be realised soon in Hungary – reported by Pénzcentrum.
TEDi’s main competitors are the British chain Pepco and the German chains Müller and KIK. The product categories offered are broadly similar. The only question is which chain will attract Hungarian customers the most. The Pepco Group currently has around 216 stores in Hungary. Last year, the chain had a turnover of EUR 210,4 million, of which EUR 21,6 million was recorded after-tax. KIK, another German company, has more than 100 stores in Hungary. In their case, they had revenues of more than EUR 51,2 million in 2020, of which they had a profit of EUR 491,000 after-tax.
Low prices are certainly among the most important factors in the domestic market.
As a result of the extremely high inflation and the continuous weakening of the Forint, an average Hungarian takes every opportunity to save money when shopping. This is shown by the fact that more and more people are choosing products off the shelves of second-hand shops – reported Pénzcentrum.
In addition to the low prices as the main incentives, second-hand stores also attract environmentally conscious customers as well as those who hunt for special ‘luxury’ clothing items which an average Hungarian can only afford pre-owned.
Source: penzcentrum.hu