Capital expenditure

Capital expenditure not related to acquisitions amounted to €176 million (5.3% of revenue) in 2016, compared with €162 million (5.0% of revenue) in 2015. The majority consisted of maintenance capital expenditure used to optimize the existing store network. The following table shows the capital expenditure not related to acquisitions.

Capital expenditure

in millions of EUR



Capital expenditure (not related to acquisitions)



Store capital expenditure



Non-store capital expenditure



Store capital expenditure increased from €122 million in 2015 to €124 million in 2016 and primarily reflects the optimization of existing stores through renovations in an expanding store network, along with the implementation of the standardized commercial proposition and new store openings. During 2016, GrandVision continued to implement its standardized store format with a reduction of its average store size, leading to a lower level of capital expenditure per store.

Non-store capital expenditure of €52 million in 2016 was an increase compared to the €40 million registered in 2015, and primarily resulted from investments in IT systems, including the global ERP system and omni-channel solutions.