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Jumbo, the Greek retail giant best known for its bargain-priced toys and household goods, is quietly eyeing a move into Turkey, a step that would mark one of its most ambitious expansions yet.
Speaking at the company’s extraordinary general meeting on Wednesday, Jumbo head Apostolos Vakakis said the company is looking at entering the Turkish market in the medium term, if conditions allow. Any move, he stressed, would be done through a fully owned subsidiary, not through franchising or a joint venture.
The push beyond the European Union is no accident. Vakakis said Jumbo’s current presence in Israel and its upcoming entry into Canada, through franchising by Israel’s Fox Group, are effectively serving as a testing ground for future international expansion.
Canada, in particular, will play a key role. Jumbo plans to open its first three stores in Ontario in 2026, using a smaller store format that could later be rolled out in other markets once conditions are right.
Today, Jumbo operates company-owned stores in Greece, Bulgaria, Romania and Cyprus, while its brand is present through partners in Albania, Montenegro, Kosovo, Serbia, North Macedonia, Bosnia and Israel.
Closer to home, the company plans to keep expanding its store network while cutting costs by buying, rather than renting, the properties it uses. Jumbo has already purchased about 70% of the buildings it operates in, covering roughly 80% of its total retail and warehouse space, with the goal of eventually owning them all.
Vakakis made clear that growth will come only from within. “I don’t want to buy someone else’s problems,” he said, ruling out acquisitions. At the same time, he acknowledged that any serious offer to buy Jumbo would have to be considered, noting that shareholders ultimately have a say.
On prices, Vakakis said Jumbo has cut prices on around 90% of its products in Greece, arguing that the market is entering a deflationary phase.
He also brushed off concerns about rising competition, reacting sharply to a recent downgrade of Jumbo shares by Citi over fears of competition from Dutch discount chain Action in Romania. Vakakis dismissed the rival as a “mosquito” and waved off claims that Jumbo is “no longer fashionable,” insisting the company’s performance should be judged by numbers, not trends.
The general meeting, attended by more than 74% of shareholders, also approved an extraordinary cash payout of €67.18 million, equal to €0.50 per share before tax, with payments set to begin on March 30, 2026.
*Source: Business Insider
