Fonomat reaches almost 180-store network

Fonomat, a GSM retailer held by Spanish investment fund GED Capital, has reached a network of almost 180 stores countrywide, with the company pushing for growth to occupy the space vacated by ailing rivals or by those that cut the number of their stores to avoid slipping into the red. "The great strategic value for us was not to open stores only where we could have derived high profit margins or only in big cities, but to have national reach. This is added value compared with local companies, which have focused on profit mainly," Miguel Peralta, CEO of Fonomat told ZF. Among Fonomat's competitors that cut down the number of stores are Euro GSM and Say networks. "We have completed the development project and now have 175 stores in 107 cities and 47 shopping centres," he added, saying that the retailer would continue to expand its network. Fonomat posted 28 million euros in turnover last year and is Orange's biggest partner judging by the number of stores.