Page 13 - RusRPTAug24

bne August 2024 Companies & Markets I 13
stores with a total of 1,265 across the country as of the end of 2023. It aims to become one of the top three Croatian retail networks by sales within the next three years, and grow its market share to over 12% through a combination of organic growth and more acquisitions.
Studenac stands out from other Croatian grocery retail chains because of its proximity format; the company predominantly services a small basket of everyday shopping. Around 60% of Studenac's stores have a sales area of between 60 and 180 square metres, and the average network size is around 120 square metres.
Croatia’s retail market has followed a similar path to others in the region. Currently somewhat fragmented, there is a visible trend of consolidation in the sector. “The Croatian retail market is still quite fragmented. It is ripe for consolidation, but the process is only just getting under way, and it will continue for years to come,” Michał Seńczuk, CEO of Studenac, told bne IntelliNews in an interview.
In the latest development, Studenac said in a press release on June 26 that it to acquire 36 Decentia stores as its continues its strategy of expanding through acquisitions. The transaction requires regulatory approval from the Croatian Competition Agency (AZTN).
“If completed, the acquisition will strengthen Studenac’s position in continental Croatia, particularly Zagreb, where it will reach more than 130 stores,” the company said.
Earlier in June Studenac announced plans to open a new distribution centre near Zagreb next year, a move set to create around 500 jobs, the company said in a press release on June 18.
A loan from the European Bank for Reconstruction and Development (EBRD) is supporting Student’s expansion. The EBRD has also backed other retailers in the region including Proex, operator of the Interex branded stores in Kosovo and Bosnian retailer Bingo.
Regional players
As well as the pan-European retailers and their local competitors, chains from the southeast and eastern part of Europe are also eyeing the Balkans.
Greek retail group Veropoulos is expanding its presence in North Macedonia with future plans including the opening a combined Vero Market and Jumbo store in the city of Strumica in 2024, the Skopje branch announced in November 2023.
The company, which is celebrating its 25th anniversary in North Macedonia this year plans to further expand to other cities across the country in the coming years.
It is also active in Serbia, where it opened its new Super Vero and hypermarket and big box Jumbo family and home store in Novi Sad in December 2023.
Another Greek company, Retail & More AE, which holds the Balkan franchise for Carrefour Group, also plans to expand and acquire businesses in the Balkans, according to Retail Serbia.
Sources quoted by Retail Serbia indicate that the company is looking at acquisitions across the Balkans, with a particular focus on small and medium-sized retailers.
Russian retail chain Mere is planning to open its first megamarket in Serbia, according to a report by local news portal Resetka in May 2024. This move marks Mere's latest
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expansion in Serbia, where it has already established a presence with over 60 retail outlets since entering the market about 3.5 years ago.
The initial megamarket in Leskovac will span 1,120 square metres, making it the first mega Mere store in Serbia.
Meanwhile, German grocery chain Mix Markt has expanded into Serbia with three stores, two located in Belgrade and one in Novi Sad, European Supermarket Magazine (ESM) reported in May.
Mix Markt specialises in Eastern European products sourced from countries like Russia, Ukraine, Georgia, the Baltics, Poland, Turkey and the Balkans.
Mix Markt already operates in Montenegro, Bulgaria and Slovenia, and has a total of 181 stores across Germany and Europe.
Poland’s Zabka Group, the operator of the country’s largest chain of convenience shops, bought the majority stake in Romanian food products distributor DRIM Daniel Distributie in March 2024 as part of its strategy for international expansion.
It said the prospects of the Romanian market and the profile of the Romanian consumer – which is similar to the Polish shopper, Zabka says – make Romania a natural geographical direction for expansion.
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