Supermarkets in Greece have a significant scope for further increasing their turnover, not only through increasing demand for the brands and products they already stock, but mainly by expanding to new categories of products and services.
Although Greek households spend the bulk of their food shopping budget (57 percent) at supermarkets, this share is smaller than that in other eurozone countries, with 43 percent of food retailing turnover taking place outside supermarkets – i.e. specialized food stores such as butchers, bakers etc.
According to a Hellenic Statistical Authority (ELSTAT) analysis of data compiled by the Research Institute of Retail Consumer Goods (IELKA), grocery spending per household amounted to 366.67 euros a month last year, up 0.86 percent on 2017. At the same time, total expenditure on groceries in Greece remained practically unchanged, rising just 0.1 percent to 17.81 billion euros, due to the reduction in the number of households.
Given that supermarket sales are estimated at around 10 billion euros, this means there is expenditure of 7.8 billion euros that supermarkets could tap into to increase their own turnover.