Croatian supermarket chain Studenac plans to open 100 new stores this year, as it looks to expand its presence beyond the country's coastal region.
Speaking to daily Poslovni Dnevnik, the president of the Board of Studenac, Michal Senczuk, said the company has a national market share of less than 4%, but has a dominant position along the Adriatic coast.
Growth Target
He set out the retailer's aspirations to become a major player in the Croatian market as well as double the business' revenue over the next three years.
Studenac is eyeing the continental part of Croatia for further growth and is currently looking at the marketplace to see if its existing format meets local requirements.
Since Poland’s Enterprise Investors fund acquired Studenac in 2018, the company has acquired local retailers Istarski Supermarketi and Sonik, expanding its network from 380 to over 600 stores, with the aim of ending 2020 with 700 stores.
Over the past year, Studenac has redesigned over 100 stores, implementing a new visual identity and logo, as well as increasing emphasis on fresh fruit and vegetables, freshly baked bread, and food to go.
Financial Performance
Although the group's financial results for 2019 have yet to be published, Senczuk said that the performance over the past year was in line with expectations. He added that there has been positive business growth every year and the trend should continue throughout 2020 as well as in the coming years.
According to Senczuk, the focus will be on three areas: tracking sales, organic growth, and acquisitions. In addition, the company will continue investing in store remodelling as well as the rebranding of Istarski Supermarketi, which should be completed by the start of the tourist season.
© 2020 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
