Potential Sklavenitis-Papantoniou deal would rock the retail boat
09:40 - 01 December 2023
Sklavenitis Cyprus and Papantoniou Supermarkets are currently in talks to collaborate/merge and with an anticipated turnover in the range of €300m, if there’s a positive outcome, it is set to rock the boat in Cyprus’ retail industry.
Sklavenitis, a key local industry player since 2017, has been in talks with Papantoniou Supermarkets in a bid to expand its reach in the Cypriot market. It has also discussed possible mergers/collaborations with other supermarket chains.
Citing inside information, InBusinessNews has reported that the talks with Papantoniou, which began last summer, are still ongoing.
However, they have yet to reach a conclusion and the insiders said there is nothing to announce as of yet. And even if they did conclude soon, the whole process to finalise the deal will take some time.
Sklavenitis Cyprus has been approaching various chains, individual stores and businesses in recent years to discuss possible mergers/acquisitions, in line with its mother company’s strategy in Greece.
If Sklavenitis Cyprus and Papantoniou Supermarkets do in fact reach a deal, it will create a new state of affairs in the local retail market. This is because they are both market leaders and a potential new supermarket chain is expected to have a turnover of over €300m.
Sklavenitis runs 18 stores in Cyprus (eight in Nicosia, five in Limassol, two in Paphos, two in Larnaca and one in Paralimni) as well as one food preparation plant. It employs over 1,500 people and serves more than 20,000 customers daily.
Papantoniou Supermarkets, meanwhile, runs nine stores: five in Paphos, three in Limassol and one in Nicosia (Engomi). It is Paphos’ leading supermarket chain, having opened its first store in 1987 in Chloraka, and it employs over 900 people.