KNews 1 September 2023 - by Maria Erecleous
The news about Sklavenitis' plan to boost its presence in the Cypriot market appears to be confirmed. It seems that the company is currently talking with Papantoniou supermarket about a potential merger.
As this merger possibility unfolds, it's clear that the market landscape is undergoing significant changes. Firstly, the combined company's store network is expanding, with Papantoniou owning nine stores and Sklavenitis operating 18 supermarkets. In terms of finances, the two companies together generate over €300 million annually (approximately 200 million for Sklavenitis and 120 million for Papantoniou). With a potential collaboration, they could take the lead in the market.
In total, there are about 80 large supermarkets in Cyprus. The competition for market dominance seems to hinge on the market perception in Nicosia, which commands the largest share, around 40% of the market, followed by Limassol with 30%.
