Major merger is brewing in Cyprus retail

The news about Sklavenitis’ plan to boost its presence in the Cypriot market appears to have been confirmed, according to the Cypriot edition of Kathimerini: It seems that the big Greek retail company is currently in talks with Papantoniou supermarkets about a potential merger.

As this possibility unfolds, it is clear that the Cypriot retail market landscape is undergoing significant changes. Firstly, the combined company’s store network is expanding, with Papantoniou owning nine stores and Sklavenitis operating 18 supermarkets across the island. In terms of finances, the two companies together generate over 300 million euros annually (approximately €200 million for Sklavenitis and another €120 million for Papantoniou). With a potential collaboration, they could take the lead in the market of the Republic of Cyprus.

In total, there are about 80 large supermarkets in Cyprus. The competition for market dominance seems to hinge on the market perception in the capital Nicosia, which commands the largest share, around 40% of the market, followed by Limassol with 30%.

Sklavenitis is the largest supermarket chain in Greece, after taking over Carrefour stores.