RETAILING IN ROMANIA - ANALYSIS

Country Report | Jan 2019

EXECUTIVE SUMMARY Market Sizes

Retailing grows faster than the wider economy Sales of Retailing
Retail Value RSP excl Sales Tax - RON million - Current - 2004-2023
Romania’s economic growth slowed to just 4% in 2018, a lower rate than predicted at
the beginning of the year by the government and forecasting analysts. The slowdown in
the economy can already be seen in certain industries, for example construction and 169,963 Forecast
real estate. Indeed, what is happening in the real estate sector is often a good indicator 250,000
of the overall economic climate. At this moment in time, the story is quite different for
retailing, which outperformed the wider economy, posting another strong
performance, with further solid growth anticipated over the forecast period. Ongoing 200,000
growth will be driven by various factors, including the continued expansion of retail
chains, especially in smaller towns and even rural areas, with these frequently
replacing local family-owned stores. 150,000

Macro factors support retailing growth

100,000
2018 witnessed increased retailing demand from Romanian consumers, largely thanks
to rising disposable incomes. According to the National Institute of Statistics, from
September 2017 to September 2018, the average net salary increased by more than 50,000
13%. This benefited all retailing channels and will continue to do so because the
government has introduced a new minimum wage with effect from 1 January 2019.
Interestingly, the new minimum wage will be higher for university graduates. In 0
addition, extremely low unemployment of 3.5% is a sign that there is a workforce crisis, 2004 2018 2023
meaning that employees across Romania could start to negotiate higher wages. These
factors should help to support retailing sales over the forecast period.
Sales Performance of Retailing
Grocery channel dominates retail sales % Y-O-Y Retail Value RSP excl Sales Tax Growth 2004-2023
In 2018, the grocery channel continued to dominate retailing value sales. However, it
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has lost ground when compared with a few years ago, when its share was close to 80%.
Indeed, as the economy grows and the incomes of Romanians increase, the share of the
grocery channel is expected to decline further.
9.1% Forecast
20%
Modern grocery retailers continued to perform well in 2018 thanks to their ongoing
expansion, including in more remote areas, and wide range of products. The popularity
of modern grocery chains can also be attributed to the price-sensitivity of Romanian 15%
consumers. The difficult times experienced in the 1990s and the harsh crisis of 2010
have led to many Romanians being bargain enthusiasts. Moreover, retailers have also
managed to meet the need for low prices through offering private label ranges, while 10%
also taking into consideration the increasing preference for domestic and traditional
products.
5%
Internet and mobile sales continue to drive retailing in 2018
Seen initially as optional channels, internet and mobile retailing are now well- 0%
established in Romania, accounting for an ever higher share of sales, with this only
likely to further increase in future years. The importance of these channels is growing
as all international players are adopting an omni-channel strategy, benefiting from -5%
2004 2018 2023
strong logistics capabilities. To further grow internet and mobile sales, retailers could
also benefit from the vast expansion of chains. The wide distribution of outlets across
the country would enable them to sell and distribute products in an extremely short
time.
Sales of Retailing by Category
Retail Value RSP excl Sales Tax - RON million - Current - 2018 Growth Performance
Romanian retailing is expected to continue to grow faster than the
economy Store-based Retailing
158,674.4
Even though the main analysts have reduced the growth forecasts for the Romanian Non-Store Retailing
economy, the country’s retailing industry is expected to continue to outperform its 11,288.4
economy over the next few years. There are many reasons for this, including the fact 0% 40% 80%
that there are still large parts of the country which have not yet been penetrated by
modern outlets. In addition, the industry will continue to benefit from increasing RETAILING 169,962.8 CURRENT % CAGR % CAGR
YEAR % 2013-2018 2018-2023
disposable incomes, rising standards of living and low unemployment. However, GROWTH
although the retailing industry in Romania is expected to perform well, overall
consumption will remain lower than in other EU countries.
In addition, as retailers continue to invest in internet and mobile platforms, the
number of potential customers will increase, and with them revenues. The increasing
usage of internet and mobile platforms is being reflected in the wide-scale adoption by
retailers of an omni-channel strategy as they look to benefit from advances in
technology and changing consumer lifestyles.

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OPERATING ENVIRONMENT Competitive Landscape

Informal retailing Company Shares of Retailing

% Share (NBO) - Retail Value RSP excl Sales Tax - 2018
According to the latest available data from the Romanian National Statistics
Institute, the country’s informal economy was estimated at 22% of GDP in 2016. The Kaufland Romania SCS 6.4%
largest part of the informal economy was accounted for by black market
employment, VAT evasion and unregistered businesses. According to an estimate Lidl Discount SRL 4.3%
from the European Commission, the situation is even worse, with the informal Carrefour Romania SA 4.2%
economy accounting for 28% of GDP, with this being the second highest rate in the
Profi Rom Food SRL 3.7%
European Union. For retailers, VAT evasion and unregistered businesses are the
biggest problem. Fuelled by a rise in VAT in 2010 from 19% to 24%, tax evasion has Dedeman SRL 3.4%
fallen after VAT was reduced to 9% for food and non-alcoholic drinks in 2015 and
Auchan Romania SA 3.4%
then for all products and services to 20% in 2016 and 19% in 2017. Beyond the growth
of consumption, a further aim of this move was to reduce informal retailing and Mega Image SRL 3.3%
boost tax revenues. However, for food and alcoholic drinks, production by Altex Romania SRL 2.1%
unregistered businesses and sales via open markets or directly from farms can be
considered as accounting for a significant share of informal retailing. Here, few Rewe SRL 1.9%
efforts are being made in order to tighten controls and so a reduction in informal Fildas Trading Srl 1.7%
retailing is not expected.
Dante International SA 1.5%
Three reductions in VAT over 2015-2017 had a positive impact on informal retailing, Leroy Merlin Bricolaj SR... 1.3%
mainly in the form of a decline in VAT evasion. On the other hand, taxation had the
opposite effect on retailing, especially in the case of tobacco and alcoholic drinks, Romania Hypermarche SA 1.1%
which accounted for a noticeable share of black market value sales. Food was also Sensiblu SRL 1.0%
affected by the high number of unregistered businesses, especially in the case of
Bricostore Romania SA 0.8%
traditional foods like basic dairy goods, processed meat, artisanal bread, jams and
honey, spirits and wine. These products have traditionally enjoyed strong household Flanco Retail SA 0.6%
production for one’s own consumption or for selling directly to consumers or via Pepco Retail SRL 0.5%
farmers’ markets. Non-grocery retailers are also affected by counterfeit goods,
which are visible mainly in beauty and personal care and apparel and footwear. Zara Bucuresti SRL 0.5%
H&M Hennes & Mauritz SRL 0.5%
Independent small grocers are also affected by the informal economy because there
are temptations to use sources for illegal imports and individual producers of basic Others 57.8%
foods like bread, cheese and processed meat. This is perceived as an opportunity to
spend less on tax, with a negative impact on formal retailing because of unfair
competition. This situation can be considered similar to that in apparel and
footwear, with the availability of illegal imports from China and the Middle East
attracting many small independent store owners.
High levels of taxation have made tobacco and alcoholic drinks the leading
categories for tax evasion in retailing. Counterfeit goods are also an important
source of black money, especially in the case of luxury brands in apparel and

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 footwear, beauty and personal care and spirits. It can be said that small independent Brand Shares of Retailing
stores, which are widespread across the country, are where the majority of informal % Share (LBN) - Retail Value RSP excl Sales Tax - 2018
sales take place. They are followed by the many stores in cities which sell cheap
imports from Asia. These have two roles in informal retailing, namely selling illegal Kaufland 6.4%
products and being a source of illegal products for small independent stores. Lidl 4.3%
It can be said that Romanians of all ages and incomes are permanently on the Dedeman 3.4%
lookout for a bargain. However, cheaper informal products are seen as bargains
Carrefour 3.1%
mainly by low-income consumers in search of basic goods but also by people for
whom a bargain means the possibility to obtain a counterfeit luxury brand. Auchan 3.1%
Profi 2.6%
The reduction in VAT was the main tool used by the authorities for two main
purposes - to encourage retailers to reduce selling prices in order to meet consumer Mega Image 2.2%
demand for lower-priced products and to reduce tax evasion on basic food products Altex 2.1%
with high volume sales of unpackaged formats, such as bread, cheese and meat.
Advantageous tax conditions for operating micro-enterprises also aim to encourage Penny Market 1.9%
unregistered businesses to switch from an illegal to a legal status and thus diminish Catena 1.7%
another source of informal activity.
Leroy Merlin 1.3%
Opening hours eMAG 1.3%
Shop & Go 1.1%
There are differences between the opening hours of retail outlets in rural and urban
areas. In rural areas, independent small grocers dominate the landscape, commonly Cora 1.1%
opening between 08.00-18.00hrs on Mondays to Saturdays. On Sundays, some open Sensiblu 1.0%
between 08.00-14.00hrs. Those living in cities have busier lives and longer working
hours, with many having to shop at weekends. Hence, modern grocery retailers tend Carrefour Market 1.0%
to open from 07.00hrs to around 22.30hrs or even 23.00hrs, while traditional grocery Profi City 0.7%
retailers are commonly open between 08.00-20.00hrs. The exception is forecourt
retailers, which open around the clock. Other retailers will only open around the Flanco 0.6%
clock on certain occasions. Non-grocery specialists tend to open between 10.00- Pepco 0.5%
18.00hrs, although a closing time of 22.00hrs is the norm for stores in shopping
Others 60.7%
centres.
There is no legislation in force in Romania to regulate the number of opening days Increasing share Decreasing share No change
per year. Modern grocery retailers generally operate the whole year while the
majority of traditional grocery retailers in standalone locations close during the
holidays and on Sundays. The situation is similar for standalone non-grocery
specialists. Meanwhile, stores in shopping centres generally remain open the whole
year, with the exception of some legal holidays, but even in this case the decision is
made according to the programme of the centre. There are generally no bans on
stores opening on Sundays. There have been rumours about a change in legislation
to oblige retailers to close on Sundays, but this has not been put into practice.

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 Romanian legislation does not restrict 24-hour opening. However, few stores chose
to open around the clock, with the main ones being forecourt retailers.

Summary 1 Standard Opening Hours by Channel Type

Channel 24-hour Monday- Friday Saturday Sunday

opening? Thursday
Supermarkets No 07.00- 07.00- 07.00- 07.00-
22.00hrs 22.00hrs 22.00hrs 22.00hrs
Hypermarkets No 07.30- 07.30- 07.30- 08.00-
22.30hrs 22.30hrs 22.30hrs 20.00hrs
Discounters No 07.30- 07.30- 07.30- 08.00-
22.00hrs 22.00hrs 22.00hrs 21.00hrs
Convenience Stores No 08.00- 08.00- 08.00- 08.00-
22.00hrs 22.00hrs 22.00hrs 21.00hrs
Forecourt Retailers Yes 00.00- 00.00- 00.00- 00.00-
24.00hrs 24.00hrs 24.00hrs 24.00hrs
Traditional Grocery No 08.00- 08.00- 08.00- 08.00-
Retailers 20.00hrs 20.00hrs 18.00hrs 14.00hrs
Non-Grocery Specialists No 10.00- 10.00- 10.00- Clos ed
18.00hrs 18.00hrs 14.00hrs

Source: Euromonitor Interna tiona l

Physical retail landscape

The rapid expansion of modern retailers has changed the retailing landscape in the
capital and large cities. Significant changes in shopping habits have been seen. The
initial impact was on farmers’ markets, which used to dominate domestic sales of
fruit and vegetables throughout the year. Stronger sales are seen during the autumn,
when Romanians prepare canned vegetables and fruits for the winter, and the
spring, just before Easter. Modern grocery retailers have progressively replaced
farmers’ markets for regular weekly purchases of fresh fruits and vegetables.
Secondly, this trend has impacted standalone independent non-grocery specialists,
which have suffered from consumer interest in modern shopping centres, which
have also become places for socialising and entertainment.
The strong development of shopping centres has impacted consumer lifestyles in
the capital and large cities. The concentration of a large number of non-grocery
specialists and the offer of food courts, cinemas and even gyms has made shopping
centres popular leisure destinations. Changing lifestyles have also led to a shift in
shopping habits. City centres and out-of-town locations have both developed rapidly
in terms of retailing but satisfy different needs. While city centres dominate
retailing during work days for small purchases, at the weekends many head to

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 shopping centres on the outskirts of cities for larger purchases.
The early development of hypermarket chains was focused on out-of-town locations
due to land being cheaper there. The price of land has now increased because of
competition from house builders, although access to land in such areas remains
relatively easy. However, interest in opening large outlets on city outskirts has
diminished because consumers are shifting towards shopping centres, which in
many cases have hypermarkets as an anchor. This is a very visible development in
Bucharest and other large cities, where shopping malls have started to emerge on
old industrial sites.
All shopping centres are indoor, with few outdoor activities. This means they are
attractive throughout the year, whatever the weather.
Standalone retail outlets are prevalent in Romania. In cities, the majority have
descended from stores which operated during the Communist era and have since
been privatised, benefiting from makeovers and modernisation. In rural areas, old
village stores have been replaced by standalone outlets located in the homes of
entrepreneurs or newly built annexes.
Travel infrastructure is still considered underdeveloped but investment in
modernisation is anticipated. Cars are mostly used for transportation, with this
benefiting forecourt retailers.
The development of modern retailing has seen different approaches to different
channels. In grocery retailing, hypermarket operators prefer their stores to be
anchors for shopping centres, while supermarkets, discounters and convenience
stores tend to be standalone outlets. This is also true for traditional grocery retailers.
With regard to non-grocery specialists, independent stores tend to be mainly
standalone outlets while chains tend to prefer to rent space in shopping centres.

Cash and carry

Cash and carry can be considered an important B2B channel in Romania. Small
companies value cash and carry because of the availability of such outlets across the
country, their low prices and wide product assortment. There were 52 cash and carry
stores in Romania in 2018.
Businesses are the main customers of cash and carry outlets. Traditional grocery
retailers and consumer foodservice operators tend to be the heaviest users.
There are two cash and carry banners present in Romania, namely Metro and Selgros.
Metro Cash & Carry Romania leads the channel with 30 stores, with Selgros operating
the remaining 22. Metro has adopted an omni-channel strategy, with this expected

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 to help it consolidate its leading position. This move is, however, expected to be
followed by Selgros, which currently only offers an online platform which enables
consumers to access a list of available promotions and obtain certain discounts.
Businesses can easily obtain a membership card upon presentation of the necessary
documents. To obtain a temporary card is also easy. Accordingly, purchasing from
cash and carry is something which is accessible to individuals who are linked to a
business but make purchases in their own name.
Competition between the two players is not intense as although they may both be
present in large cities they are also alone in other areas. The real competition comes
from hypermarkets, which are generally located in the same out-of-town shopping
areas. Offering everyday low prices and providing a wide range of products and
brands, hypermarkets run periodical promotions which appeal to small businesses.
Hypermarkets also issue invoices, which means they are seen as reliable suppliers
for small businesses.
Cash and carry is expected to record only modest growth over the forecast period,
largely due to the rapid expansion of modern grocery retailers, with individuals and
businesses having access to both channels. Moreover, individuals are attracted
primarily to supermarkets, discounters and convenience stores which are nearby and
so better cater for those who want to save time and manage their money through
daily purchases.

Table 1 Cash and Carry Sales: Value

RON million, current prices

Cash and carry 7,872 7,321 7,428 7,654 8,375 8,852
% growth -7.0 1.5 3.0 9.4 5.7

Source: Euromonitor Interna tiona l from officia l s ta tis tics , tra de a s s ocia tions , tra de pres s , compa ny
res ea rch, tra de interviews , tra de s ources

Note: Va lue s a les exclude VAT s a les ta x

Seasonality
Back to School

Shopping season: Mid-September

Primary products bought: School supplies and apparel and footwear, primarily for
children and teenagers; consumer electronics like smartphones, laptops and tablets,
positioned as educational tools at affordable prices.

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 Retailer strategy: Hypermarkets, supermarkets and discounters are the main
channels involved in back-to school sales. They increase the visibility of these
products, offering discounts on higher volume purchases.

Easter

Shopping season: April-May

Primary products bought: Fresh vegetables, lamb meat, sponge cakes and wine for
meals; seasonal chocolate, apparel, toys and games and beauty products as gifts.
Retailer strategy: Discounters, supermarkets and hypermarkets in particular tailor
their price promotions and weekly discount catalogues towards Easter foods such as
lamb and fresh vegetables for meals and seasonal chocolate for gifts. Non-grocery
retailers are placing a growing focus on apparel, beauty and personal care, jewellery
and toys, for which discounts are offered around one month before the event. Easter
is an event which remains an important occasion for families.

Christmas

Date: 25 December
Shopping season: December
Primary products bought: Fresh meat and meat products, traditional Romanian
delicacies and crafts, alcoholic drinks like spirits and wine and soft drinks;
confectionery, toys and games, personal beauty products, apparel, books, electronic
devices and home decorations are purchased as gifts.
Retailer strategy: Large modern grocery retailers as well as small independent
grocers focus on traditional pork products consumed during the cold season and
especially at Christmas. Outdoor retail areas are created near to city halls to sell
traditional food products, apparel and decorations. In fact, all retailers are prepared
to offer discounts on their products. However, there is a noticeable focus on
traditional food, wine, traditional spirits, toys and games, apparel, books and
electronic devices. Christmas can be considered the most important event of the
year for gifts and purchases of large quantities of food and drink.

Mother’s Day

Date: 8 March
Shopping season: March
Primary products bought: Chocolate confectionery, beauty products, apparel,
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 jewellery, bags and books.
Retailer strategy: Promotional activities are focused on gifts for adult women, with
apparel and beauty products and jewellery and watches benefiting from increased
visibility. Discounts are available generally two weeks before the event.

Black Friday

Date: Second half of November

Shopping season: November
Primary products bought: Many products are discounted during Black Friday but the
focus is on higher-priced electronics and appliances. However, apparel and footwear
and other smaller impulse goods are increasingly being offered on promotion.
Retailer strategy: Internet retailers continue to be the main drivers of this event,
along with large retailers which have adopted an omni-channel approach. These
players use strong in-store promotions and online marketing to highlight their
participation. Some players have extended Black Friday to last the whole of
November.

Payments and delivery

Romanians continued to prefer cash payment in 2018 despite retailers’ increasing
adoption of POS terminals. Although the majority of wages are paid on financial
cards, consumers continue to withdraw cash to pay for goods and services. Even in
the case of online orders, payment by cash on delivery remains the preferred
option. This situation can also be attributed to the large size of the informal
economy. However, a trend towards non-cash payments is being seen, according to
the National Bank of Romania.
There are several reasons why Romanians use cash for the majority of payments. The
most important factor is the strong mentality that cash is the most appropriate
payment method. Using cash is seen as a good way to manage one’s household
budget. On the other hand, non-cash payments have risen significantly due to the
activities of banks to increase the number of cards for the payment of wages and
pensions, a higher number of POS terminals in retail outlets, even in small
communities, and the assurance of operators with regard to the security of online
card payments.
Mobile payments in store-based retailers is developing rapidly but remained low
when compared to online payments. In fact, online payments are also at a low level
in internet retailing due to consumers preferring cash on delivery. According to

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 PayU, the online payment division of Naspers Ltd and the leading player in Romania
for providing online payment systems, mobile payments in 2017 amounted to 30-
35% of online payments. This is being driven by the introduction of the first digital
wallet, launched by NETOPIA mobilPay for payment in Carrefour stores and
Kaufland. On the other hand, it can be said that banks have also taken notable steps
towards providing mobile banking apps to help their customers manage their bank
accounts and make payments. Banca Transilvania and ING Bank were the two banks
to launch mobile payments solutions in 2018. Meanwhile, retailers have also
launched their own apps for mobile payments. Mobile payments are expected to
record solid growth over the forecast period thanks to the high penetration of
mobile phones.
The national postal service operator is Posta Romana (Romanian Post), which
remains state-owned. The company has the largest delivery infrastructure, with
offices in most areas of the country. Posta Romana is generally trusted and is used
mostly for deliveries between individuals or for official documents. Posta Romana is
also the main operator for parcels sent by online sellers outside Romania. The
offices of Posta Romana are also used by the largest online company in Romania,
eMAG, for the delivery of orders that are picked up personally by online buyers. In
addition, online retailers also use the services of a number of couriers with
widespread coverage and more modern logistics, which allow them to reach buyers
in a maximum of 48 hours after purchase.
The prevalence of cash payment upon delivery is likely to weaken in the future.
Online payments are expected to grow due to rising confidence in both internet
retailers and delivery services. The increasing use of mobile payments is also
expected to support the growth of internet sales and lead to a shift in payment
method from cash on delivery to more sophisticated online solutions.

Emerging business models

The main development in retailing has been the adoption of an omni-channel
strategy by mostly large players in order to increase their sales and gain share. This
strategy has been adopted by both online retailers expanding into the store-based
channel and store-based retailers moving into the online space. For instance, the
largest online player eMAG also operates showrooms, while the majority of
international chains in grocery and non-grocery retailing now have online platforms.
The most promising business models can be seen in grocery retailing. The union of
various independent retailers operating as franchisees of a brand has proved to be
successful as they benefit from lower buying costs and the know-how and marketing
activities of the franchiser. This is the case with forecourt retailers operating under
the growing Rottco Synergy and Tiriac Energy banners, but also La Doi Pasi

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 convenience stores, which have been revamped by Metro, with the company
planning to reach 2,000 outlets by 2020.
The majority of independent small retailers in both the grocery and non-grocery
spaces have continued to focus on offline sales paid for in cash. However, their
businesses have been affected by the strong development of chains, an increasing
number of which are benefiting from an omni-channel strategy. At country level, the
share of small independent retailers has fallen to the benefit of large modern
retailers.
The adoption of innovative business models has been seen in both grocery and non-
grocery channels and has resulted in improved financial results. For modern grocery
retailers like Carrefour, Cora and Mega Image, online platforms have helped to
support sales, while for online players offline showrooms have served to increase
consumer confidence in their products as they can now see and touch them prior to
purchase. Non-grocery specialists have also turned to an omni-channel strategy,
particularly those in apparel and footwear, electronics and appliances, health and
beauty, home and garden and pet care retailing.
More and more apps encouraging new forms of shopping are appearing in Romania.
These apps vary from shopping services (involving hiring somebody through the app
to buy a specific list of goods from a chosen retailer) to promotions finders and,
recently, to cash back solutions. The continued launch of shopping apps is a result of
the eternal need of customers to simplify the purchasing process from both a time
and money perspective.
One of the most noticeable new businesses is BeeZ. This is an app backed up by a
website (https://use-beez.com), which was launched at the beginning of 2018 in
Alba-Iulia, Romania. BeeZ aims to help users save money through better planning,
enabling consumers to set aside part of each month’s earnings in a separate savings
account, which is harder to reach.
There are two main factors driving the use of shopping apps. Firstly, smartphones
have become extremely accessible. Secondly, almost every phone subscription or
pre-pay play offers a huge amount of data. Smartphones which are always connected
to the internet have thus opened up a new world of opportunities to Romanian
consumers.

DEFINITIONS
Explanations of words and/or terminology used in this report are as follows:
GBO refers to global brand owner, which is the ultimate owner of a brand.

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 NBO refers to national brand owner, which is the company licensed to distribute a
brand on behalf of a GBO. The NBO may be a subsidiary of a GBO or it may be a
completely separate company. Share tables at both GBO and NBO level are provided
in the report. Reference to shares in the report analysis is at NBO level.

SOURCES
Sources used during the research included the following:

Summary 2 Research Sources

Official Chamber of Commerce & Industry

Sources
Euros ta t
INSSE (Na tiona l Ins titute of Sta tis tics )
Minis try of Fina nce
Trade As ocia tia Profis iona la Pa trona tului Roma n din Indus tria de Meca nica Fina ,
Associations Optica s i Meca tronica
As ocia tia Roma na a Ma ga zinelor Online
Roma nia n As s ocia tion of Vending Indus try
The Trends
Trade Press Adeva rul Economic
Antena 3
Bihor Online
Bizcity.ro
Bus ines s 24
Ca pita l
Cotidia nul
Curierul Na tiona l
Da s impex.Srl
DCNews
Digi24
Economica
Energynomics
energynomics .ro
Evrika .ro
Fina ntis tii

© Euromonitor Interna onal 2019 Page 12 of 13

 Official Chamber of Commerce & Industry
Sources
Food & Ba r
Forbes
Hotnews
InCont
Indus tria Modei
Lis ta Firme
Ma ga zinul Progres iv
Media fa x
Modern Buyer
Monitorul de Vra ncea
Oxs tones Inves tment Club
Pia ta
Pro Wa ll-Street
Profit
Rea lita tea fina ncia ra
Reta il-FMCG.ro
Revis ta Biz
Revis ta Pia ta
Rola nd Berger
Roma nia Ins ider
Specia l Aa ra d
Sta rtups
Stiri.rol.ro
Vending Ins ide
Wa ll-Street
Zia re
Zia rul Fina ncia r

Source: Euromonitor Interna tiona l

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