As part of its 2005 international expansion program, leading French entertainment retail outlet Fnac will set up its first Greek store in Athens next month in a joint-venture with local retailer Marinopoulos Group.
Financed by Marinopoulos, the 2,200 square meter Athens entertainment goods store will open Nov. 16 in the northern suburb of Maroussi at the yet-to-open Mall Athens.
Fnac Greece GM Patrick Salomon says that the French retailer, a subsidiary of France’s PPR (Pinault-Printemps-Redoute SA), plans to launch an additional four stores in the coming five years. Two of these will be in the Greek capital and two in the northern port city of Thessaloniki.
With total investment estimated at €7 million ($8.4 million), Fnac sources anticipate the Athens outlet’s sales reaching up to €20 million ($2 million) in the first year of operation.
Fnac operates 112 superstores with 20,000 employees in eight countries. The company posted worldwide sales of €4.1 billion ($4.9 billion) for 2004.
A leading commercial, retail and industrial group which includes interests in Marks & Spencer, Carrefour and Starbucks Coffee, Marinopoulos posted annual consolidated revenue of €2 billion ($2.4 billion) in 2002 and employs more than 11,500 staff. The Greek company is active in France, Italy, the Netherlands, Romania and Croatia.