French convenience store chain Monoprix is preparing to enter the Belgian market, with a store planned for the centre of Waterloo.
The 3,285-square-metre store will be located in a space that was previously occupied by an AS Adventure store, which has moved to a nearby retail park.
Monoprix will face stiff competition from existing Belgian retailers, but the retailer is confident it will replicate its success in France, according to the report.
It believes that its concept of offering a mix of food, textiles, decoration, and beauty products will appeal to Belgian consumers.
Founded in 1932, Monoprix is part of the Casino Group and is a 'jewel in the crown' for the group, with revenue in its 2022 financial year exceeding €5 billion.
The urban premium banner has a network of over 800 stores, of which 100 are outside of France and operated in partnership with local players. The stores are divided across five banners: Monoprix, Monop', Monop 'beauty, Monoprix Maison, and Naturalia.
However, some analysts are sceptical about Monoprix's chances of success in Belgium. They highlighted the fact that the Belgian market is already very crowded and that Casino has already failed in Belgium with its Franprix brand.
Despite the challenges, Monoprix is planning to invest €700 million in Monoprix by 2028 and hopes to have 80 franchise stores by that time, targeting €6.2 billion in revenue by this deadline.