December 2, 2023

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How did Russian supermarkets fare in the first year in Greece?

How did Russian supermarkets fare in the first year in Greece?

Low flights were recorded in its first year at Hellas The supermarket JustAnd the Denying the lofty goals set by the administration before the series arrived in our country. Both in terms of store development and financial performanceAnd the It has moved well below the threshold, but without throwing in the towel, as it continues to seek further development of its activities in Greece.

According to the financial statements of TORG Hellas, affiliated with the Russian group of the same name, which undertook the development of the Mere chain in Greece, in 2021 the trading volume was only 2.24 million euros, resulting in losses amounting to 995 thousand euros, while the accumulated losses amounted to 1.16 million. euro. An important “mitigating” factor for the decline in sales is that stores, due to the problems caused by the pandemic, have not been operational since the beginning of the year. Specifically, the first four (Larissa, Lagadas, Tripoli and Corinth) started in May 2021 and Agrinho only in December.

2022, which the management estimates that the chain will have a stable path, did not start with the best of signs, as the supermarket in Lagadas was closed last January due to problems with the building’s infrastructure, as stated by the management. At the same time, as Power Game wrote on May 30, the second company the group was preparing for the Greek market, Hellas Market, placed a “lockdown” two months after its inception. Information indicates that developments after the Russian invasion of Ukraine played a catalytic role for this step.

Expansion in Athens and Thessaloniki

Despite the above facts, the Mere management not only intends – according to its own words – to stop its operations in Greece, but is preparing for further expansion. In 2022, it has implemented a capital increase, reaching 1.55 million euros, while, as mentioned, a capital increase is planned.

As far as the grid is concerned, post-race management in the region seems willing to test the series’ luck in the country’s two largest urban centers. As he notes, expansion of new stores, especially in Athens and Thessaloniki, is an immediate plan to implement.

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