Sklavenitis on the path to dominance in Cyprus as well

The business plan and broader design of Sklavenitis hold new challenges, where apart from the Greek market, Cyprus is also in the development frame. The largest retail group in Greece, with a turnover of 4.5 billion euros in 2022, is making expansion moves in the Mediterranean island.

There, about 6 years ago, it inherited 18 Marinopoulos stores after completing its acquisition. Since then, Sklavenitis, making the necessary changes at the top executive level in this market, has managed to establish its presence in Cyprus, however, seeking those steps that will lead him to dominance there as well. This is a market that exhibits quite strong local features, reminiscent – perhaps exaggeratedly – of a large regional city in Greece, where specific mainly family-run businesses operate, with the exception of Lidl.

Lately, Sklavenitis has engaged in several discussions in Cyprus, aiming to acquire some of the competitive Cypriot chain interests. The most recent talks were with the Paphos-based supermarket chain Papantoniou, which has a turnover of about 150 million euros and owns 9 stores. At first glance, no definitive and complete acquisition agreement seems to have been reached, but discussions about the possibility of acquiring some of the stores of the Cypriot business were eventually brought to the table. A scenario that seems plausible, as it could satisfy both the expansionary views of Sklavenitis and the desire of the Papantoniou side to somehow maintain a presence on the "island." However, our information reports that all possibilities are open, and we cannot rule out seeing developments in a relatively short period."

The goal is to become a leader in the Cypriot market in the coming years

Certainly, the move by Sklavenitis cannot be considered random. Having risen to the top of the Greek market, with a difference of about 2.5 billion euros in turnover from the second AB Vasilopoulos, they aim to achieve something similar in Cyprus. Where Lidl and Alpha Mega dominate, each with a turnover of around 350 million euros. Sklavenitis's challenge is tough, especially since the local character we mentioned requires many steps and, above all, to win the trust of Cypriot consumers and the broader environment and people of the mainland. Something that so far seems to be succeeding. After all, in the case of Lidl, the example showed that people trusted it and managed to climb to the top of the market, progressing organically, as envisaged and strictly followed, the business plan of the German supermarket chain.

However, developments in this field are expected shortly, as in many cases it is proven that when Sklavenitis wants to move forward in some business manner, they have the will, the displacement, and of course the resources to achieve it.

Growth in Greece continues at a double-digit rate

In Greece, however, it continues to grow, running at a double-digit growth rate, as market reports indicate. This means that soon they will be even closer to the threshold of 5 billion. Sklavenitis's growth comes as a decisive response to those who, from time to time, had doubted the outcome and evolution of the Marinopoulos acquisition a few years ago. Despite this, the chain managed, with consistency and respect for its consumers and partners, to evolve, grow, and reap the benefits of this acquisition, evolving significantly into the first power in organized retail and having all the guarantees and good external testimony in the minds of Greek consumers to grow even more.

Based on today's data, something extremely drastic would have to happen, possibly a merger of major players in the Greek market, in order to overturn or show signs of balance at the level of powers between large chains in our country.