ECONOMY

Masoutis investing 25 mlnin 15 new supermarkets

masoutis-investing-25-mln-in-15-new-supermarkets

Northern Greek supermarket chain Masoutis continues to bolster its presence in Athens, that started last year with the acquisition of the small Promitheftiki chain, and is planning to open 10 new supermarkets in the capital this year as part of its 25-million-euro total investment plan – with 15 new outlets across the country.

On Monday Masoutis launched its 56th store in the Attica region, on Amerikis Street in Kolonaki.

The 500-square meter store is the chain’s 331st in Greece.

The company is constantly on the lookout for properties, planning the development of all types of shops, from convenience stores to hypermarkets.

Masoutis is also considering the acquisition or creation of a logistics center to serve the needs of its stores in southern Greece.

Besides the 25 million euros to be invested in new stores this year, Masoutis also intends to invest 80 million euros in promotional activity in 2019.

It estimates that last year it posted a 1.5 percent annual increase in its turnover, to 765 million euros, and expects to reach 820 million this year.