On Monday, things were still looking really bad for the Steinhoff share. The papers of the controversial furniture company had fallen back to 0.164 euros in Xetra trading in the morning. But since then the mood has brightened: In the course of Tuesday, the Steinhoff share ( Daily Current Rating ) went up to 0.180 euros, an interim plus of almost ten percent. And even if the shares did not maintain their level until the close of the market, the reason for the turnaround could be in Germany.
Steinhoff subsidiary Pepco launches in Berlin
The company, which has been involved in an accounting scandal for years and is heavily indebted, recently made positive headlines: According to Nebenwertemagazin, the retail group Pepco, in which Steinhoff holds a 78 percent stake, is continuing its expansion course with around 400 new openings across Europe. And now the company is preparing to open the first Pepco branch in Germany, they say. The 476-square-metre store in Berlin’s second-largest mall, the “Boulevard Berlin” in the Steglitz district, is due to open on Thursday.
Germany is the 16th country where Pepco is opening shops, according to the report. “And then it is to go on blow by blow: The opening of the next two Pepco branches is to follow in eastern Germany in the summer,” says the investor magazine. In the months that follow, further branches of the Steinhoff subsidiary are to open their doors in other German cities.
Aiming for 20,100 new openings across Europe
“With our promise of quality, unbeatable prices and our famously highly regarded customer service, we are confident that the products we offer will meet the expectations of customers in Germany,” Patrick Steiger, Operations Manager of Pepco Germany, is quoted as saying in the report. And the plans are undoubtedly ambitious. After good half-year results, Steinhoff wants to push ahead with Pepco’s chosen “European expansion”, the target being more than 20,100 new openings in the next 10 years.