Swedish retailer ICA Gruppen has announced that it plans to strengthen its store network and retail concepts next year, with a focus on urban areas and convenience.
This is one of the points laid out in the retail group's 'Strategic Priorities for 2018', which was released today.
The company says that these priorities are designed to facilitate cooperation between the various business in ICA Gruppen, and contribute to growth in the future.
As well as strengthening its store network, the group says that it plans to build on its omni-channel offerings across its businesses and platforms, as well as ensuring competitive pricing and fair price perception.
It also intends to boost its non-food and banking offerings, focus on logistics, reliability and store competitiveness, and improve performance management.
Strategic Acquisition
A significant part of ICA Gruppen's expansion plan for 2018 includes its acquisition of Lithuanian grocery chain IKI.
In October, the €213 million deal was approved by the Lithuanian Competition Authority, under the condition that ICA sell 17 of its Rimi stores in the country to facilitate the merger.
The Swedish retail group says that the divestments are not expected to materially affect the overall value creation of the acquisition, as IKI is the second-largest player in the Lithuanian grocery market, with a retail network of around 230 stores nationwide.
ICA had originally intended to close the deal before the end of the year, but the group now says that it plans to successfully close and integrate the IKI acquisition as part of its priorities for 2018.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine
