Hungary has opened a new chain of stores, German chain TEDi, Pénzcentrum reported. The chain is little known in Hungary, although the German company was founded in 2004, and according to its website, is already present in 11 countries with more than 2,600 stores and 24,000 employees. Its website already lists three Hungarian stores in Pápa, Székesfehérvár, and recently in Budapest, in a shopping center in the eleventh district.
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Their website also says that they want to expand further, look for partners to open new stores, and also increase their staff. According to their website, they opened a store in the 11th district (Savoya Park, according to the address) at the end of March, which is probably the reason for the TikTok video.
The product categories offered are broadly similar to those of Pepco and KiK, which are already very popular in Hungary, and cover a large part of the Müller range. They sell almost everything from cosmetics to furnishings, decoration, toys, and office supplies.
(formerly T€Di as an abbreviation for Top Euro Discount) is a German non-food retailer with 2,344 stores in Germany, Austria, Slovenia, Slovakia, Spain, Croatia, Italy, and Poland (as of August 2021). The product range includes everyday consumer goods. In addition to household, party, DIY, and electrical items, it also includes stationery and toys, as well as drugstore and cosmetics products. Seasonal articles are also included. Branded goods are increasingly found both in the permanent range and among the trending items.
TEDi was launched by the Tengelmann Group with the idea of offering the concept of one-dollar stores in Germany as well. The company was founded as an offshoot of Tengelmann’s textile subsidiary, KiK. Tengelmann held 30 percent of the shares as a minority shareholder until April 30, 2021.
Pénzcentrum also points out that the new German store is a serious competitor in the non-food sector for the British Pepco, which currently operates 216 stores in Hungary. According to its 2021 annual report, Pepco Hungary Kft. had sales of more than 78 billion forints last year, of which it recorded an after-tax profit of 8 billion forints. 2,031 employees, which is more than 600 more than two years earlier, and labor costs amounted to more than 9 billion forints. The Pepco Group announced it would invest 27.2 billion forints in logistics in 2019, up from 20.2 billion forints a year earlier.
Another competitor in the market, the German company KiK, has more than 100 stores in Hungary.
Featured image via TEDi.com