Revenue growth in the supermarket and cash-and-carry sector continues, although the pace of growth has clearly slowed compared to previous years, according to an industry study by ICAP CRIF.
As noted in the study, large chains are strengthening their position through acquisitions, takeovers, and franchise partnerships, leading to further market concentration and intensified competition.
Eleni Demertzi, Senior Manager of the Sector Studies & Publications Department at ICAP CRIF, Eleni Demertzi, notes that during the 2022–2023 period, the market grew at an average annual rate of 7.7%, mainly due to high inflation and rising food prices. In contrast, during the 2024–2025 period, sales growth was limited to 3% annually.
The major players in the market
The top positions in the Greek market are held by the chains Sklavenitis, Lidl, AB Vassilopoulos, Metro (My Market), and Masoutis, which are estimated to have covered a total of approximately 71% of the supermarket and cash & carry market in 2024.
| Company | 2024 Turnover (€) |
|---|
| Sklavenitis Greek Supermarkets | 4,651,074,000 |
| AB Vassilopoulos | 1,935,875,000 |
| Metro (My Market) | 1,606,420,460 |
| Diamantis Masoutis | 1,140,638,000 |
It should be noted that financial data for Lidl Hellas was not available in the study.
9% of the market from cash & carry
According to the study, cash & carry stores have also been included in the assessment of the total market. The ICAP CRIF survey shows that the revenue of 13 major companies in this sector accounts for approximately 9% of the total market value.
Geographically, Attica accounts for approximately 40% of total sales by large companies in the sector, followed by Central Macedonia with 16% and the Peloponnese with 7%.
Sales and Profits on Different Trajectories
Financial analysis of a sample of 55 companies shows that sales continued to rise in 2024, yet profitability came under pressure.
| Changes 2024/2023 | % |
|---|
| Sales | +4.3% |
| Gross profit | +5.1% |
| EBITDA | -5.2 |
EBITDA for the companies in the sample stood at €748.5 million in 2024, marking a decline compared to the previous year.
Pressure on margins
Despite the improvement in sales, profit margins remain low:
| Index | 2024 |
|---|
| EBITDA Margin | 4.3% |
| Operating Profit Margin | 2.4% |
| Net profit margin | 2.3% |
ICAP CRIF estimates that the sector’s outlook remains positive; however, companies are called upon to operate in a highly competitive environment. The trend toward market consolidation is expected to continue in the coming years, with large chains seeking to further expand their networks and market shares in the Greek market.