Page 82 - bne IntelliNews Southeastern Europe Outlook 2025

5.4 Real Economy – Croatia
5.4.1 Retail
Croatia's retail sector continued to expand in 2024, building on positive
trends observed in 2023.
According to the latest available data from statistics office DZS, Croatia’s retail trade grew by a real 6.7% y/y in October. Food, beverages, and tobacco sales increased by a real 5.1% and nominal 9.4% y/y in October, while non-food product sales (excluding automotive fuels) rose by a real 12.4% and nominal 11.9% y/y.
Tourism is an important driver for the retail sector, as millions of people flock to the country, in particular the Adriatic coast, every summer.
Studenac, a leading Croatian supermarket chain, continued its expansion strategy by acquiring several retail chains, including Lonia, Kordun and Pemo, as well as expanding into neighbouring Slovenia. These acquisitions increased Studenac's market presence, making it the largest retail network in Croatia by store count.
However, in November the company cancelled its initial public offering (IPO) planned in Zagreb and Warsaw, citing unfavourable market conditions. The company may reconsider the offering when conditions improve.
In December 2024, Bosqar Invest announced a strategic investment in Croatia-based Mlinar Group, a leading bakery operator in the Adria region, in a transaction valued at €100mn. Bosqar CFO Vanja Vlak referred to the Southeast Europe region’s “humungous” potential in the food sector as well as to Croatia’s tourism-fuelled retail sector in an interview with bne IntelliNews.
Tommy, ranked as Croatia's sixth-largest grocery retailer, is acquiring its local competitor, Brodokomerc Nova. The deal is expected to strengthen Tommy’s presence in the retail market within the Primorje-Gorski Kotar County. Despite the acquisition, Tommy’s market share will remain modest, estimated at 5-10% nationally.
Also in the food sector, Spar Hrvatska, one of Croatia's leading retail chains, opened a new €110mn logistics centre in Donja Zdencina in October. The facility, which spans 370,000 square metres, aims to improve the efficiency of the company's supply chain.
Lidl has launched its third logistics and distribution hub in Croatia, following an investment of €120mn. Situated near the A3 highway,
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