The European discount retail chain Pepco will net open 13 thousand new jobs in Europe over the next three years, announced group CEO Andy Bond.
Most of the new jobs will be created in continental Europe, Bond said, as the company expects a surge of customers into cheaper stores following the devastation caused by the coronavirus pandemic. Many European retail companies have turned to online sales, closing physical stores and cutting jobs to survive the pandemic, but Pepco has gone in the opposite direction.
– Unlike many physical stores that boast about surviving, we are very confident in our growth – emphasized the head of Pepco in an interview with Reuters.
Last week, the company preliminarily reported that its revenue in the third fiscal quarter ending in June increased by 46.7 percent to 1.04 billion euros, thanks to the opening of new stores. The group net opened 117 new stores during that period and now has a total of 3,363.
At the beginning of the month, Bond said they could benefit from inflationary pressures as customers become more price-sensitive. In May, the group listed its shares on the Warsaw Stock Exchange, and its market capitalization is now estimated at 6.9 billion euros. It currently employs about 35,000 workers and operates in 16 countries, including Croatia, where it opened its first store in April 2017.
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