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Top Secret returns to expansion

Aneta Cichla 11 May 2018

Aneta Cichla

Deputy editor in chief, journalist

+48 22 356 25 15

Aneta is passionate about the retail real estate market and everything associated with it. She has worked in the editorial department of ‘Eurobuild CEE’ for eight years. Prior to this she was employed as a journalist for the Retailnet.pl portal and for Shopping Center Poland magazine. In her free time she enjoys reading books, walking the dog and working out at the gym. She also loves watching martial arts fights.

 Top Secret returns to expansion
Top Secret has a new format
POLAND Top Secret could open up to 60 stores over the next three years with Redan announcing that it is prepared to start investing in the brand.

Twenty stores are to open every year making up around 2,000 sqm to 3,500 sqm of floor space. “We will be closely monitoring the profitability of our stores and making adjustments for their locations. This is how we are going to develop. The frequency of our openings will be directly dependent on our results and the availability of space,” says Grzegorz Lipnicki, the president of the board of Top Secret. At the end of last year the chain comprised 225 stores. The new stores are to be opened as franchises.

Over 2018 Top Secret has opened stores in Atrium Reduta in Warsaw, Gniezno and Płock. The new stores are planned to be larger and they will include a relaxation zone for adults and a children's corner. Free coffee will also be served in store. The Top Secret chain recorded a 4.1 pct decline in revenue for 2017 at PLN 240.4 mln, but registered a rise in its profits to PLN 4.8 mln (compared to a loss of about PLN 5.7 mln in the previous year), with its sales margin rising by 3.6 percentage to 46.1 pct and its costs falling by 5.6 pct y-o-y.

Despite revenues increasing to PLN 386.4 mln (up by 2.3 pct y-o-y), the TXM discount chain, which is 56.5 pct owned by Redan, reported a net loss in 2017. Sales failed to rise commensurately with the increase in floor space due to the inappropriate product range for large format stores, (of which there were many new openings), improper store branding and failure to implement a new ERP system, resulting in declining footfall. The TXM management is currently implementing a rapid modernisation programme “We are convinced that our ambitious restructuring of TXM will quickly bring the expected return to profit,” said Bogusz Kruszyński. the Redan Group recorded PLN 626.8 mln in consolidated revenue for 2017, which represents a y-o-y decrease of 0.3 pct. However the parent company received PLN-21.2 mln compared to PLN 0.3 mln in the previous year.

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