Greek supermarkets: Masoutis acquires Denaxas Bros. chain

The D. Masoutis chain from northern Greek is trying to keep ahead of the competition by continuing to strengthen its presence in tourist spots, where supermarket sales grew by leaps and bounds this years.

After the strategic deal with the Cretan cooperative chain SYN.KA, Masoutis is proceeding with a new acquisition agreement, this time in Santorini.

Specifically, on October 13, Masoutis notified the Competition Commission of the acquisition of the Afoi Ioannou Denaxa company, based in Emporio, on Santorini.

Afoi Denaxa (Denaxas Brothers) is active in the retail and wholesale sale of supermarket items, having three retail stores and a Cash and Carry in Santorini, a retail store in Mykonos, a Cash and Carry in the Rentis area, as well as a retail store in Paleo Faliro.

The turnover of the Santorini supermarket chain rose in 2020, according to its latest published balance sheet, from 26.506 million euros in 2019 to 20.081 million euros, with net profits reaching 1.179 million euros from 1.084 euros. Cash and cash equivalents were 2,090 million euros from 936,143 euros in 2019.

The capital gains of the islands

It should be noted that Masoutis already has a presence in Santorini with a store in the Pyrgos area, on the Perissa – Fira road. This is the former Vidalis supermarket, which was renovated and has been operating since June of this year under the name of the northern Helladic chain.

The store in question, as well as 9 more in Syros, Tinos, Naxos, Milos, as well as 6 in Chios and Kalymnos, as well as the 18 stores in Corfu were transferred to Masoutis through the strategic agreement with the SYN.KA chain.

At the same time, Masoutis has a share in the profits from all 37 stores of the cooperative chain in Crete, even if they continue to operate under the SYN.KA brand.

Taking into account the three stores that Masoutis has in Andros, as a result of the acquisition of Promethevitis chain four years ago, the Skiathos store, after the acquisition of the Skouras company, and the six stores on the island of Lesvos, the chain led by Giannis Masoutis has concentrated significant “firepower” on Greek islands.

Halkidiki, where Masoutis has 14 stores, should be included in the group’s tourist “portfolio”.

Over 1.1 billion euros in 2022

The great growth of the chain’s network in tourist areas of the country raises the sales bar for 2022, with Masoutis breaking the one billion euro barrier.

If turnover from SYN.KA in Crete is included, it is estimated that it will reach 1.150 billion euros compared to 883 million euros in 2021.

Double-digit turnover increase due to tourism

The turnover of supermarkets increased by 11% in the summer months, with this increase also being accompanied by an increase in sales volume and not coming only from the increase in the prices of goods.

The main reason for the increase in consumption was the high tourist flows.

Based on NielsenIQ data, the largest increase in turnover in the June-August quarter was recorded in Crete (16%), the islands (15.8%) and the Peloponnese (12%), i.e. the country’s top tourist destinations.