Yet another German-owned discount supermarket chain has unveiled its plans to expand into the Greek market, announcing the creation of some 200 stores over the next five years. The influx of foreign giants intensifies, ending a period of mergers and takeovers of Greece’s major supermarket chains.

The sector is clearly in the process of radical transformation. Greek consumers are the main beneficiaries of these changes, as they have an ever-greater opportunity to select from a growing range of products at lower prices — to the extent, of course, that quality standards meet their needs.

For a country such as Greece, where inflation is twice the average of the former EU15, the power to buy consumer goods at lower prices will also help boost the economy’s macroeconomic indicators.

Furthermore, given that Greeks’ incomes are below the old EU15 average, the power to purchase foodstuffs and household goods at better prices will also raise the living standards of the less prosperous in society. Last but not least, the creation of 200 new stores will mean jobs for thousands of people.

As always, there is a less rosy view to consider. Foreign supermarket chains normally sell foreign products, thus posing a threat to domestic producers operating in all relevant sectors (industrial as well as agricultural). It also means that thousands of people will be forced into unemployment.

But this is how the global economy works. Greek supermarkets will have to become competitive in order to survive. After all, they have the advantage of having better knowledge of Greek consumers’ preferences and demands. Often, their products are of superior quality to those offered by their foreign competitors.

If Greek companies realize they have to bring their prices down to more competitive levels (it is unacceptable that we must pay the highest milk prices in Europe), then local supermarket chains will survive and Greek consumers will benefit.