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The Cypriot supermarket landscape is shifting as Greece's Sklavenitis Group officially takes over Papantoniou Supermarkets, according to Kathimerini's Dorita Yiannakou. With Competition Protection Commission approval, Sklavenitis now operates 27 stores in Cyprus, ensuring 769 jobs from Papantoniou’s nine-store network while reinforcing its own presence across the island. Papantoniou, which originated in Chloraka in 1987, brought a substantial turnover of around €150 million into the merger.
This consolidation will likely drive other local chains and small supermarkets to boost their competitiveness. With inflation pressuring consumers' budgets, Cypriot shoppers are increasingly looking for good value. Industry players hope this new setup will foster better service, high-quality products, and competitive pricing.
The Cypriot retail sector sees Sklavenitis’ expansion as a strong vote of confidence in the island’s economy, according to Andreas Hatziadamou, president of the Pancyprian Association of Hypermarkets. He expects this acquisition to increase competition, with each chain pursuing distinct marketing strategies to retain market share.
Currently, Cyprus hosts about 80 large supermarkets and 155 total locations, with Sklavenitis holding 20% of the market and aiming to challenge the leaders. It competes with Lidl Cyprus, which has 22 stores and a turnover of €350 million, and Alphamega, with 17 stores and 25% market share. The addition of Papantoniou stores to Sklavenitis’ network is projected to boost its market position, potentially leading it to capture the largest share of Cyprus’ retail market.
