Italian supermarket chain Conad has signed a lease agreement with retailer Finiper to take over the management of six hypermarkets along the Adriatic coast.
Italy’s Competition and Market Authority has approved the transaction.
From the first quarter of 2019, Conad’s associated cooperatives, Conad Adriatico and Commercianti Indipendenti Associati (CIA), will take over the commercial management of the Iper hypermarkets of Ortona, Pescara, Colonnella, Civitanova Marche, Pesaro, and Udine.
With a total sales area of 44,083 square metres, the stores generated a gross turnover of €250 million in 2017.
'Opportunity To Grow'
Conad will benefit from Finiper group's expertise in the fresh products category as well as in some non-food sectors, the retailer said.
According to the two partners, the agreement also represents “an opportunity to grow further along the Adriatic backbone”, as both have a similar commercial strategy.
Conad is spread across 1,507 Italian municipalities with around 3,149 stores.
Gruppo Finiper owns 27 Iper hypermarkets, and 140 supermarkets under the Unes, U2, Viaggiator Goloso banners.
© 2018 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.
