Bingo Set To Become Market Leader In Bosnia and Herzegovina
Local company Bingo is set to become the largest food retailer in Bosnia and Herzegovina in terms of revenue, surpassing Croatia’s Konzum.
Tuzla-based Bingo had total revenues of BAM 803.43 million (€410.78 million) in 2015, compared to Konzum’s BAM 849.96 million (€434.57 million).
However, Bingo’s revenues grew by 42 per cent, while Konzum achieved a growth of 22 per cent, based on market analysis conducted by LRC, reports local portal BiznisInfo. If such a growth trend were to continue, Bingo would surpass Konzum in 2016.
An indication that this could happen comes from the fact that Bingo has continued to expand its store network, while Konzum is practically stagnating and even closing some stores.
Besides winning over customers with its low-price policy and support for local products, Bingo has another advantage running in its favour. For the past several years, Bingo has much higher profits than Konzum – in 2014 it was ten times higher - BAM 40.22 million (€20.56 million) compared to BAM 4.37 million (€2.23 million).
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.