In June 2024, Greece's consumer price index rose by 2.3% compared to the same period in the previous year, as reported by the national statistical authority, ELSTAT. On a month-on-month basis, the index increased by 0.5%.
The monthly increase was primarily driven by a 1.1% rise in prices within the food and non-alcoholic beverages category. Notable price increases were observed in pizza, quiche, cheese, fresh fruit, frozen vegetables, and chocolate products. This rise was partially offset by declines in prices for breakfast cereals, dried or smoked meat, yogurt, fresh vegetables, and potatoes.
Additionally, there were increases in prices for alcoholic beverages and tobacco (0.4%), clothing and footwear (1.6%), housing (0.1%), transport (0.5%), and hotels, cafés, and restaurants (0.7%). However, household equipment experienced a price decline of 0.4%.
A study by the Greek consumer research agency IELKA, conducted in June 2024, indicated that inflationary trends have influenced consumer behavior, with a focus on value when purchasing food and a tendency to trade down. The study noted that only half of Greek consumers planned a vacation in summer 2024, citing rising costs for tickets and accommodation as a significant factor.
The IELKA study found that 55% of respondents reported cutting back on food and grocery shopping, an increase from 54% in 2023. Additionally, 42% indicated they had changed product brands, down from 49% in the previous year, while 71% canceled entertainment expenses, such as dining out and vacations, compared to 75% in 2023. Only 3% reported taking no action to address inflationary pressures.
A separate IELKA report, published in April, noted that prices in Greek supermarkets have largely stabilised due to factors such as a de-escalation in raw material prices in international markets and market normalisation. The report also highlighted that the growing market share of private label products in supermarkets is contributing to this stabilisation,
Here's an overview of the top ten supermarket retail chains in Greece, according to their most recently-available full-year turnover. All data is supplied by Retail-Index.
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1. Sklavenitis
Turnover: €3.98 billion (2021)
Sklavenitis, which became the largest supermarket chain in Greece following its takeover of Marinopoulos in 2017, reported a turnover of €3.98 billion in 2021, a 5.1% increase on the previous year. EBITDA for the year totalled €292.7 million, up from €261.4 million a year earlier.
Sklavenitis boasts 523 stores in Greece as of 2021.
The supermarket chain can trace its history to 1954 in Petralona, when the brothers Spyros and Yiannis Sklavenitis and their friend Miltiadis Papadopoulos founded a wholesale company.
2. Alfa Beta Vassilopoulos
Turnover: €1.92 billion (2022)
AB Vasilopoulos reported a turnover of €1.92 billion in 2022. Owned by Ahold Delhaize, the retailer was founded in 1939 and has 582 stores in Greece as of 2023. It was the first supermarket in Greece to introduce a customer loyalty scheme.
Alfa Beta serves customers through its Alfa Beta supermarkets and the AB Food Market, AB Shop & Go, AB City and ENA Food Cash & Carry formats.
3. Lidl
Turnover: €1.8 billion (2022)
Discounter Lidl reported a turnover of €1.8 billion in 2022. Owned by the Schwarz Group, Lidl started operating in Greece in 1991. It has quickly grown to become the biggest discounter brand in the country, with over 235 stores as of 2023.
4. Metro Aebe
Turnover: €1.48 billion (2022)
Established in 1976, Metro Aebe recorded turnover of €1.48 billion in 2022. As of 2023, it had 281 outlets in Greece.
The company's turnover comes from two main channels – retail sales through My Market stores and wholesale sales through Metro Cash & Carry stores. In 2016, Metro acquired exclusive control of the business activities of the Veropoulos company in Greece.
Metro Aebe is a 100% Greek company with a family share composition.
5. Masoutis
Turnover: €935 million (2022)
Diamantis Masoutis SA was founded by Diamantis Masoutis in 1976 in Thessaloniki. It recorded a turnover of €935 million in 2022 and has 387 stores in Greece.
The company is the market leader in Northern Greece, with its portfolio including City stores, Grand Masoutis, Masoutis Green Stores, and Masoutis Cash & Carry wholesale stores.
6. Galaxias
Turnover: €514 million (2022)
Galaxias is sixth on the list with a turnover of €514 million recorded in 2022. It had 165 stores in Greece as of 2023. Its banners include Galaxias C&C and Galaxias Supermarket.
7. Market In
Turnover: €375 million (2022)
The Market In company was founded in 1990. It reported turnover of €375 million in 2022, and has 241 stores in Greece as of 2023.
Starting as a member of the Asteras group and later moving to the Elomas group, Market In became independent in 2007. Market In employs more than 4,000 personnel.
8. The Mart
Turnover: €300 million (2022 – estimated)
The Mart is eighth on the list and recorded an estimated annual turnover of €300 million in 2022. The retailer has 14 stores in Greece.
The Mart has been active in Greece since 1992, while since January 2015, it has been a member of the Sklavenitis Group.
9. Pindos
Turnover: €286 million (2021)
Pindos had a turnover of €286 million in 2021, and has 18 stores in Greece as of 2023.
Pindos has its own distribution network, which promotes its products daily to 7,000 locations in Greece and abroad.
The company started in 1958, when seven farmers from the Prefecture of Ioannina decided to engage in poultry production as a supplement to their income.
10. Synka
Turnover: €200 million (2021, estimated)
This first Synka supermarket opened in 1979 at N. Episkopou & Minoos Street in the city of Chania.
The retailer recorded an estimated turnover of €200 million in 2021, and has 37 stores in Greece as of 2023.
About Retail-Index
Retail-Index is a specialist supplier of management information on consumer retail markets, provided by Veraart Research Group in the Netherlands. Its mission is to supply managers with up-to-date key information on retail markets in Europe and support them in their international expansion.
The company dates back to 1964, when it started as a market research and marketing consulting company for consumer products and services. In 1989, it started publishing written reports on various retail sectors in Europe. As of 2005, it publishes its information on retailers through the online database and curated datasheet exports available on www.retail-index.com. A team of researchers manages the data to reflect upon current developments in the markets, collected from an extensive number of sources.
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