The cooperative food retailer and wholesaler Coop Hungary has decided to launch a modernisation project worth over HUF 1.5bn (€5.5m), the company’s CEO Laszlo Muranyi told Vilaggazdasag. As part of this project, more than HUF 500m (€1.8m) will be spent in 2010 on upgrading 500 of the chain’s units. Coop will also invest in its loyalty card project. In the future, these cards are to also be used as credit cards. With this purpose in mind, the cooperative has established a separate company, Coop Hitel, with registered paid-in capital of HUF 500m (€1.8m), reported Vilaggazdasag.
Last year Coop invested a total of HUF 3bn (€11m) on development and modernisation projects. Ten new units, each measuring 700 m² and all green-field projects, were opened.
Coop Hungarywas formed 15 years ago as a result of the coming together of 165 companies. Today, these 165 owners operate a chain comprising 2,200 stores nationwide. The franchise scheme, which commenced in 2002, resulted in the opening of a further 2,880 stores by 2008, and 2,957 by the end of 2009. As a wholesaler, the company supplies an additional 2,500 stores in the country.
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