Sklavenitis Group is currently investigating an expansion into Central Europe, with plans to widen its footprint beyond the Greek and Cypriot markets.
The implementation of such a move, according to informed sources, would be carried out under the Sklavenitis brand, marking the internationalization of Greece’s largest supermarket chain.
Concerning the group’s expansion into the Cypriot market, ongoing discussions with the local Papantoniou chain have been progressing smoothly.
Sklavenitis envisions acquiring a local chain while simultaneously pursuing organic growth in the coming period, including the opening of stores on the island.
Currently, the chain operates 18 stores in Cyprus, with a presence in Nicosia (8), Limassol (5), Paphos (2), Larnaca (2), and Paralimni (1). The Sklavenitis chain employs around 1,500 personnel, and its stores attract approximately 20,000 visitors daily.
In the Cypriot market, Lidl Cyprus leads with 22 stores and an estimated turnover of around €350 million, showcasing substantial growth in recent years.
Another significant player is the Cypriot-owned Papaellinas Group’s Alpha Mega, boasting 17 stores and a turnover close to €350 million, holding a 25% market share.
Sklavenitis currently experiences double-digit revenue growth, approaching €5 billion in 2023.
The group also maintains a consumption volume growth rate exceeding 5%, outperforming the overall market, which hovers around 0% to 0.1% as of early November. In 2022, Sklavenitis reported a turnover of €4.47 billion.
Key to the group’s continued growth is its relationship with its workforce, highlighted by above double-digit minimum wage payments and benefits beyond statutory requirements.
Recently, the group provided a special bonus of €300 to its staff, double the amount offered by other chains.
Simultaneously, Sklavenitis is planning the utilization of the former Pitsos industrial site in the Rentis area, where a pre-agreement for acquisition is in place.
The 53,000-square-meter facility will potentially serve as a logistics center, accommodating industrial units like Bakers Master for frozen dough and Bonora for coffee, with the possibility of creating a new darkstore and a storage and distribution centre for the products. The property, previously owned by BSH Hellas (Bosch, Pitsos), operated as the Pitsos factory until April 2021.
(With information from Capital.gr)
