€2 shop chain to open eight new outlets

DISCOUNT RETAILER Euro General Retail is to create 70 jobs as the group confirmed the opening of a further eight new stores.

The Dublin-based group operates a network of discount €2 shops across the country and owner and chief executive Charlie O’Loughlin said that the expansion follows the opening of 12 new stores in the last year.

The new stores will open before July in Cork, Dublin, Roscommon, Nenagh, Athlone and Portlaoise and will bring to 70 the number of stores in the chain.

Accounts recently filed show that pretax profits at Euro General Retail Ltd declined by 26 per cent to €1.8 million last year .

Revenues – including a share of joint ventures at the firm – declined by 1.4 per cent from €48 million to €47.4 million in the 12 months to the end of May 10th last.

The group’s turnover, less the share of joint ventures, increased from €39.2 million to €40.7 million.

Mr O’Loughlin opened his first discount store on Dublin’s Moore Street in 1990, and the group today employs 600 people.

Mr O’Loughlin said that the group is planning to open a new central warehouse in August “that will give us the opportunity to serve north of 80 shops”.

“Overall, I am happy with how the business is doing, but it is difficult and it is tough out there.

“I would say that it is the toughest time in my 22 years in this business.”

Mr O’Loughlin said that customers are mainly buying items that are day-to-day necessities.

He said that the fit-out for each new shop costs on average €200,000 to €250,000 and that the group has been able to fund the expansion mainly from its own resources.