How will Carrefour return to the Greek market?

By George Lampiris

The upcoming arrival of Carrefour through the company Retail & More of the Vardinogiannis group, led by Nikos Vardinogiannis, brings official announcements. According to sources familiar with the developments on Capital.gr, a joint announcement of Carrefour and Retail & More will be issued within the day, after the closing of the Paris Stock Exchange, in which Carrefour is listed.

According to the same sources, the company is currently quite cautious regarding the statements and the expansion plan in the Greek market. However, based on the wider design, a nationwide expansion with different store typologies will follow in the near future.

Carrefour’s re-arrival in the Greek market comes 10 years after its noisy departure from our country. In particular, in June 2012, the French group announced that it was investing in the joint venture with its local partner Marinopoulos, who was at the same time in need of a licensee.

The move then came as an antidote from the French group to falling demand in countries with high debt, which belonged to the eurozone – including Greece – and in view of the upcoming crucial parliamentary elections of that period.

Which is Retail & More

Retail & More is the company created in 2021 by AVE SA (formerly Audio and Video Companies) with the aim of entering the field of food and fast consumer goods. For its establishment at the end of last summer, the payment of the initial share capital of the newly established company was made, totaling 250 thousand euros. It is noted that in AVE SA which participates with 51% in the new company through the subsidiary Teleunicom SA. Nikos and Giannis Vardinogiannis participate as key shareholders through their companies of interests. Regarding the capital increase, it was carried out through Teleunicom SA. which recommended Retail & More and in this case contributed an amount of 127.5 thousand euros. Respectively, the other company – shareholder, ENIE MIKE Real Estate, which participates with 49%, contributed to the capital increase an amount of 122.5 thousand euros. The managing director of Retail & More is Vassilis Stasinoulias. We remind you that Mr. Stasinoulias was the general manager of Carrefour – Marinopoulos during the period 2008-2011, with a previous term as commercial director and logistics director of the same company. In any case, he maintained and still maintains excellent relations with the French supermarket group.

Thomas Roubas, who is also an expert in the field of trade through Dionic, has a presence on the board of directors in the same company, while this group maintains a presence in food through the Hellenic Distribution Company.

The move to activate in food on the part of AVE follows the disinvestment made last year by the operation of amusement parks and specifically by Allou Fun Park, in which it maintained its participation, announcing the simultaneous establishment of Retail & More through stock exchange information.

Another step after the acquisition of 35% in the Paros Cooperative

It is noted that this move in the food sector is not the only one for Nikos Vardinogiannis, who recently acquired 35% of the Agricultural Cooperative of Paros, a percentage that is the maximum allowable participation of an individual in an agricultural cooperative, with the businessman opening the road for investments of this nature, following the law passed on Voridis ministry in the Ministry of Rural Development.