ECONOMY

Athens to get new Fnac outlet

French retailer Fnac is opening its third outlet in Athens, close to Monastiraki station in the city center, the company announced yesterday. The new shop is expected to open its doors by the end of the year on Mitropoleos Street and will consist of four floors totaling 2,800 square meters. The investment will cost some 3 to 4 million euros and, when fully operational, is expected to have a sales volume of about 20 million euros per year. The outlet will employ a total of 75 people, some of whom will be transferred from the two existing stores. The company intends to create two new outlets each year in order to have a network of eight to 10 branches across Greece by 2012. Fnac’s turnover showed a 13 percent rise in 2008 from the previous year, but the ongoing crisis is set to limit its growth to just 7 percent this year. Its sales comprise 50 percent technological products and 50 percent media or multimedia products.