German drugstore chain Rossmann plans to invest in new stores in 2024

German drugstore chain Rossmann has announced plans to invest more money in its stores and further expand its network of locations.

Rossmann on Thursday said it plans to open 253 new stores this year, most of them abroad in markets including Spain, Poland, the Czech Republic, Hungary, Albania, Kosovo and Turkey.

The company will make total investments of €390 million ($418 million) this year, an increase of €65 million more than in 2023.

In Rossmann's home market of Germany, the company plans to spend €50 million ($54 million) this year to open 75 new stores in Germany and a further €80 million to modernize Rossmann's nearly 2,300 existing stores in the country.

Another €80 million will be invested in improving the company's logistics operations.

"The expansion will continue to focus on a network of stores that is easily accessible to customers in all parts of Germany, rather than on any particular region," the company said in a statement.

At the end of 2023, the chain had a total of 4,741 stores and 62,000 total employees, of which nearly half - 2,288 stores and 39,600 workers - were in Germany.

Rossmann's largest market outside of Germany is Poland with around 1,800 stores.

In January, Rossmann reported that sales in 2023 increased by 14.4% to €13.9 billion compared to 2022, with two-thirds of the sales generated in Germany.

The company does not disclose its profits.