Croatia’s largest retail chain by store count, Studenac, sees significant potential for further expansion, according to Dragan Baškarad, a member of the retailer's management board.
Speaking during a conference organised by the American Chamber of Commerce in Croatia and private equity company Enterprise Investors (EI), Baškarad noted that the company is aiming to increase its store count to 3,400 within the next five years, reported local daily Novi List.
Baškarad highlighted the ongoing consolidation of the Croatian retail market, as well as the remaining 15% market share held by traditional stores, as opportunities for growth. He pointed out that Studenac plans to capitalise on these opportunities through acquisitions and the opening of new stores.
According to Baškarad, the Croatian retail market is estimated to be worth over €10 billion and is expected to grow by up to 5% annually in the coming years, which means its value could jump to around €13 billion by 2028.
He added that Studenac's 'neighbourhood store' format sets it apart from other retailers in Croatia, adding that this concept has been a driving force behind the company's rapid expansion and success.
Studenac currently operates more than 1,300 stores in Croatia and recently began to expand in neighbouring Slovenia.
Enterprise Investors
During the same conference, Enterprise Investors' Michal Kedzia declined to comment on recent media reports suggesting that Studenac might be listed on the Warsaw and Zagreb stock exchanges by the end of the year.
When asked about EI's plans for Studenac, Kedzia stated that EI's investment strategy typically involves buying companies, increasing their value, and eventually selling them.
He emphasised that EI remains open to considering strategic options for Studenac, but assured that the company's successful growth strategy, including acquisitions of competing retail chains, will remain unchanged.
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