Dutch based retailer Spar has become the third largest grocery retailer of Croatia, after Spar Croatia acquired 62 Billa stores in the country.
According to Spar Croatia’s board president Helmut Frenzl, the transition will be completed by the end of the year, whilst the rebranding of stores will take effect by this summer.
The rebranding of the stores will represent an investment of €12 million ($12.7 million) for the retailer, and Spar also expects to spend €50 million ($52.8 million) per year in 2017 and 2018 on other initiatives.
This week, Spar is opening two stores in Selac and Zagreb. Further openings are planned for future dates, with Spar intending to first expand to regions where it it is not yet present.
With the new acquisition, Spar expects to have a turnover of €671.4 million ($710 million), approximately 5,000 employees and a market share of 10% in Croatia.
Source: Vecernji List