AVE makes a 180-degree turn, admitting that the growth strategy it had chosen for the Carrefour network did not pan out, and is now shifting the focus of its strategy to pharmaceuticals, YALCO, acquisitions, and B2B services.
Management admits that it underestimated market conditions in organized retail, decided to sell the company-owned Carrefour stores, and retain only the franchise model, which, as noted, is performing significantly better.
“We’re reducing the risk of losses, so obviously it didn’t work out for us. We’re changing the model. We’re keeping the contract (with Carrefour); if an opportunity arises, we’re open to a buyout,” said Mr. Roupas, who, in response to a question from Euro2day.gr, clarified that the contract with Carrefour has another 6+10 years remaining. Five more stores are expected to open in July, and the goal is for the network to reach 50 locations by the end of the year.
The group retains the master franchise rights for Carrefour in other markets and is exploring new opportunities, including in Cyprus, while acknowledging that expansion in Bulgaria did not proceed as planned, attributing the outcome to the choice of a local partner.
At the annual general meeting, which was held with a quorum of 78.66%, the company’s CEO, Thomas Roupas, outlined a new business model based on three pillars, all centered on customer needs rather than the product itself.
“We’re not interested in whether we sell food, televisions, or medicines. We’re interested in the customer and the services they need. Technology is what will connect all of the group’s activities,” he said, describing the creation of a platform that unites the 13 subsidiaries currently in operation—a number that will reach 20 by the end of the year through acquisitions.
He also noted that the restructuring of AVE took time, but now the group can look “creatively toward the future,” while he was quick to mention that the majority shareholder, Nikos Vardinoyannis, fully supports the new strategy.
However, when asked by Euro2day.gr, Mr. Roupas declined to provide specific figures or financial targets.
AVE founded AVE Pharma, in which it holds a 75% stake, with the aim of making it the umbrella company for all activities in the sector. At the same time, through a capital increase, it is strengthening its stake in Pharma Plus, where its stake will rise from 15% to 30%; the remainder is controlled by DECA, while AVE Pharma will serve as the group’s primary investment vehicle in this sector.
Management believes that the current regulatory framework, which requires pharmacists to hold at least a 33% stake in pharmacy ownership, ultimately works in the venture’s favor.
“We do not believe in full takeovers. The pharmacist must remain a partner. Experience has shown that when the founder completely steps away, the chances of failure increase,” said Mr. Roupas. The goal is to establish a network of 100 franchise pharmacies by the end of 2027, while the implementation of a unified information system across all network members is already underway.
Other developments in the first half of the year include the acquisition of a 32% stake in Yalco. According to Mr. Roupa, Yalco is already showing significant improvement in performance, with first-half results approximately 60% higher than in the corresponding period of 2025.
Management has set 2027 as a key milestone, by which time the group aims to have completed its transformation, achieve high and recurring profitability, and resume dividend payments to shareholders.
“We don’t know which sector will be the largest in the future. We are building a group that will be able to adapt to market opportunities. It’s an ultra-marathon, not a sprint,” noted Mr. Roupas.