German shoe giant steps into Hungary
Deichmann Shoe Trade Kft, the Hungarian subsidiary of Heinrich Deichmann-Schuhe GmbH, is to open its first store in Hungary in September, executives said last month.
The 550 square-metre store will be located in Budapest’s showpiece Mammut II shopping mall, which is scheduled to open Sept. 28.
Deichmann launched its Hungarian subsidiary at the beginning of 2001 with equity capital of Ft 150 million ($500,000). Executives at that time said the company would open its first store in Budapest, to be followed by others in large Hungarian cities.
Deichmann, founded in 1913 by a shoemaker in Essen, northwest Germany, is the largest shoe retailer in Germany, with over 700 outlets nationwide. The group has also taken over foreign shoe chains such as the Swiss Dosenbach and Ochsner, the U.S. Lerner – later renamed Rack Room Shoes – and the Dutch Van Haren chain. Deichmann markets several international brands, including 5th Avenue, Memphis One, Falcon and Victory. The shoe giant’s expansion onto the Hungarian market will mean extra competition for shoe chains Reno and Humanic.
