Dutch supermarket chain Spar is returning to Greece following a deal with the local retail group Asteras, after leaving the country in 2015, where it had a presence via the Veropoulos firm since 1969.
Sources say that the agreement with Asteras foresees the creation of Spar Hellas between the Greek and Dutch companies, with the local retailer’s network of 200 stores being transformed into Spar stores.
All of the stores in the existing network will be overhauled to meet the Dutch retailer’s standards, with work expected to begin by the end of the year and take two years to complete.
Spar “sees great growth potential in the organized retail market in Greece,” Asteras said in the announcement making the agreement public.
The deal, Asteras added, comes “at a crucial phase because of intensive exports and mergers, which are changing the map of the sector and creating major opportunities for networks that have a tradition and experience in the relevant market.”
Asteras was founded in 1993 and has 88 local supermarket owner-members. In 2016, its total turnover came to around 500 million euros.