SPAR enters Cyprus
SPAR International has teamed up with Cypriot retail operator Ermes Department Stores to form SPAR Cyprus.
The partnership will focus on the opening of company owned food retail outlets, whilst also expanding the SPAR footprint of stores through partnerships with independent retailers.
The first SPAR stores in Cyrus are expected to open in the first quarter of 2018 with the aim of launching more than 20 SPAR supermarkets over the coming five years. The stores will be both independent retailer conversions to the SPAR brand and new company owned greenfield SPAR Supermarkets to be developed by Ermes.
Managing director of SPAR International Tobias Wasmuht said: “The introduction of SPAR to Cyprus provides the leading independent retailers of Cyprus the possibility to respond to growing market concentration in Cyprus of national and international chains, whilst meeting the needs of both local and international tourist shoppers.
“Unifying together as SPAR Cyprus permits the progressive independent retailers of Cyprus to maintain their independence, whilst seizing the benefits of a strong international food retail brand with the scale benefits of a buying group operating on both a national and international level. We are delighted to partner with the Ermes Group to bring SPAR to Cyprus and are confident in the future success of our partnership”.
Ermes operates more than 90 retail shops, seven of which are in Greece. Its retail brands portfolio includes the likes of Debenhams, NEXT, Oviesse, Forever 21, Armani Exchange, Tommy Hilfiger, Diesel, Superdry, Desigual, Pepe jeans, Springfield, Cortefiel, Oasis and Warehouse.
Meanwhile, SPAR has 12,545 stores in 44 countries and recently reported sales of €33.1 billion for 2016.
