Potential Acquisition Reshaping the Cypriot Retail Landscape
In what could be a significant move in the Cypriot retail sector, Greek supermarket chain Sklavenitis is reportedly in advanced discussions with its Cypriot rival Papantoniou. This potential deal, which has been the subject of speculation since September 2023, may have far-reaching implications for the market dynamics on the island.
While the exact nature of the negotiations remains shrouded in mystery, industry insiders suggest that the talks could result in anything from Sklavenitis taking over Papantoniou entirely to acquiring a selection of its stores. Despite repeated inquiries, representatives from both companies have maintained a tight-lipped stance, offering no comments on the ongoing discussions.
Sklavenitis made its foray into Cyprus in 2017 by acquiring Marinopoulos stores and has since established a robust presence. With a network that spans eight stores in Nicosia, five in Limassol, and several others across Paphos, Larnaca, and Paralimni, Sklavenitis employs around 1,500 individuals. The company boasts a daily footfall of an estimated 20,000 customers.
On the other side of the potential deal is Papantoniou, which operates nine supermarkets in key locations including Paphos, Chloraka, and Limassol Centre. The brand is well-regarded in the local community and has a loyal customer base.
The Cypriot retail market is currently led by Lidl, with 22 stores, followed by AlphaMega’s 19 stores and a workforce exceeding 2,200. Other notable players include MAS Supermarkets cooperative, Athienitis supermarket with its two locations, and the Metro chain’s six stores.
As the discussions between Sklavenitis and Papantoniou continue behind closed doors, the retail industry watches with bated breath. The outcome of these talks could potentially alter the competitive landscape, challenging the dominance of current market leaders and redefining consumer choice on the island.
