Germany’s Schwarz Group, which operates supermarket chains Lidl and Kaufland, could be poised to become the market leader in Croatia by 2019, a study has found.
According to Večernji List, there are more than 90 Lidl stores in high traffic locations throughout Croatia, while data from Croatia’s Financial Agency (FINA) released last week showed that Lidl has seen its turnover in Croatia rise from HRK 767 million (€103.5 million) in 2007 to HRK 4 billion (€540 million) last year.
Lidl has become the second biggest retailer in Croatia, overtaking Plodine and closing in on market leader Konzum, which is owned by Agrokor. Lidl is also one of the fastest-growing large companies in the country.
Before the recent financial issues at retail company Agrokor, Konzum had an annual turnover of around HRK 15 billion (€2.02 billion), however, competitors have since cut into Konzum's market share.
Market consultant Dragan Munjiza told Večernji List that Lidl, with sister chain Kaufland, will have a higher turnover than Konzum in three years, provided that the Croatian chain survives until 2019.
Earlier this year, Konzum lost its leadership position in neighbouring Bosnia & Herzegovina to local retailer Bingo.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine.