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Conditions in Greek supermarket sector are unpredictable

15 February 18 - Irene Theofanidou
Conditions in Greek supermarket sector are unpredictable

COMPANIES

Pepper Hellas

Consultant - GREECE

ΕΡΡΙΚΟΣ ΑΡΩΝΕΣ

Investment - GREECE

NBG PANGAEA

REIΤ - GREECE

Eurobank Property Services

Consultant - GREECE

IBI Group

Consultant - GREECE

PEOPLE

Aristotelis Karytinos

CEO of NBG Pangaea REIC NBG Pangaea REIC

Dimitris Andritsos

CEO of Eurobank Property Services S.A Eurobank Property Services
Conditions in the Greek supermarket sector are fluid and unpredictable, Aristotelis Panteliadis, CEO in Metro AEBE said on Wednesday. Speaking to reporters to present the group's entrance in the home items and Ho.Re.Ca. markets, Panteliadis said: "The landscape in the supermarket sector has not stabilized and it will not stabilize this year.

 

It is a fact that there are more supermarket stores in the country now compared with 10 years ago, while the market has shrunk by 25 pct during this period.

Turnover has fallen significantly compared with the period before the crisis. The situation remains fluid and enterprises that are not well organized and don't have good results face greater difficulties".

He expressed the optimism that the economy will record a small recovery this year, but noted that this would not bring any fundamental change to consumers' available income. "We want to believe that the worst is behind us and that recovery will move slowly ahead. We hope it will be like this, provided that nothing bad happens to the economy," Panteliadis said.

He said it was positive that the market had stopped falling, although he noted that several supermarket groups will report a lower turnover this year because of changes happening in the market.

Panteliadis said he expected takeovers, mergers and store closures to continue in the supermarket sector, although he stressed that groups were not planning to shut down stores "as no one wants to leave market share to their competitors".

He said that in 2018, Metro will complete a three-year programme to renovate the Veropoulos network, as part of an investment programme worth 45-50 million euros this year, after investing 45 million in 2017.

The group plans to open its first store in Cyprus, to expand its distribution network in Northern Greece and to expand its distribution center in Inofyta in 2019.

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