Food prices in Cyprus have experienced some significant fluctuations in recent months – in April, one news outlet reported that prices of some basic foodstuffs have risen by as much as 61% in recent months.
According to the Cypriot statistics agency, value sales in the retail sector rose by 10.9% in March, with volumes up 6.5%. In the food, drinks and tobacco segment, sales were 11.6% higher in March compared to the same month last year, or 52.6% higher compared to the base year (2015).
According to recent data from the Centre of Economic Research at the University of Cyprus, the country's economy showed signs of improvement in April, with Cyprus likely to avoid a recession this year, Cyprus Mail reported.
Here's an overview of the top five supermarket retail chains in Cyprus, according to their most recently-available full-year turnover. All data is supplied by Retail-Index (www.retail-index.com).
Turnover: €122 million (2020)
Discounter Lidl operates 18 outlets in Cyprus as of last year. The retailer, which is part of Schwarz Group, reported a turnover of €122 million in the country in 2020.
Turnover: €117 million (2020)
AlphaMega is a Cypriot-owned supermarket chain that dates back to 1958. The company has 19 outlets across the island as of this year.
Turnover: €80 million (2020, estimated)
Ermes is a Cypriot department store chain that operates several brands and banners, including Armani Exchange, ERA Department Store, Ermes, Navy & Green, Next, OVS, Springfield, Women's Secret, and Zako (franchise). The company has 43 outlets across the island, and reported an estimated turnover of €80 million in 2020.
Turnover: €98 million (2019, estimated)
Papantoniou is a Cypriot retail chain that operates nine outlets across the island, and was founded in 1987. The group reported an estimated turnover of €98 million in 2019.
Turnover: €70 million (2020, estimated)
Unrelated to the German cash-and-carry group of the same name, Metro boasts six supermarkets across Cyprus, and had an estimated turnover of €70 million in 2020. The group was founded in 1982.
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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© 2023 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.