ECONOMY

Alfa-Beta expands in the north

Alfa-Beta Vassilopoulos, majority-owned by Belgium’s Delhaize, has agreed to buy 11 Korifi stores in northeastern Greece for 7 million euros and 1.8 million euros in debt. «Considering its geographical position as well as its real estate, Korifi is a significant acquisition that will offer Alfa-Beta an important presence in Thrace, an area where we were almost absent until recently,» said Konstantinos Macheras, Alfa-Beta chief executive officer, in a bourse filing. The Greek supermarket, 89 percent-owned by Delhaize, said the deal is expected to be concluded by the end of the year and is subject to approval from competition regulators. Alfa-Beta Vassilopoulos opened four new branches in the second quarter of the year and plans to open about another 10 across Greece by the end of 2009. It operates a total of 204 stores, of which 155 are company-operated retail sales points while another 39 are affiliated with the company.