Maxi-Livres is a book retailer with 121 stores in France. GAME has selected 51 stores that are best suited to retailing games and that are in complementary locations to the existing GAME portfolio of 107 stores in France. This acquisition brings the total number of owned and franchises stores in France too 158. The existing 132 employees of the acquired stores will be employed by GAME.
On taking ownership of the sites in the New Year, it is expected that it will take three to six months to re-open them all under the GAME brand. The estimated cost of the refit is around Euro 7.0m (GBP 5.0m).
“At a total cost of around Euro 260,000 per store this is an innovative and efficient way of rapidly expanding our portfolio in France,” said GAME Group’s chief executive Lisa Morgan. “It will both provide scale benefits and enhance our branding positioning in the French market.
“It gives further momentum to our European expansion strategy and ensures that we will have over 150 stores trading in France in 2007.
“The stores are complementary to our existing portfolio and this demonstrates our on-going commitment to strengthen our market leading position within Europe.”