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In September 2025, the Sklavenitis Cyprus network will officially complete its acquisition of Papantoniou Supermarkets, a move that will significantly reshape the local retail landscape, according to Kathimerini's Dorita Yiannakou.
Market sources say the plan involves a major overhaul of the nine existing Papantoniou hypermarkets to align them with Sklavenitis' distinctive style and operational philosophy. The renovations will start after the Christmas holidays and are expected to be completed by September 2025, with minimal disruption to daily operations. Sklavenitis aims to maintain normal store operations while carrying out the upgrades, a strategy they successfully implemented during renovations in Greece.
The Papantoniou stores, which have been a staple in Cyprus since 1987, are located in various towns, including Paphos, Chloraka, Kato Paphos, Polis Chrysochous, Geroskipou, Ipsona, Limassol, Pissouri, and Egomi. The renovations will not only give the stores a fresh look but will also ensure that they align with Sklavenitis’ branding, creating a seamless shopping experience that reflects the identity of the Sklavenitis Cyprus network.
An important point for the existing workforce is that all 769 employees of Papantoniou supermarkets will keep their jobs after the acquisition. Sklavenitis has no plans for layoffs and has previously rewarded employees in both Greece and Cyprus with a 14th salary and bonus, underlining their commitment to their staff.
Another significant change will be in the pricing of products across the Papantoniou hypermarkets. Prices are set to be adjusted to match those in Sklavenitis stores, meaning consumers can expect price reductions of 15-19% on products before the Christmas holidays. This change is part of Sklavenitis’ broader strategy to unify pricing and ensure consistency across its expanded network.
The merger between Sklavenitis and Papantoniou has been in the works for some time, with the two companies discussing the acquisition for a while. After absorbing Papantoniou, Sklavenitis Cyprus will operate 27 stores and employ around 1,500 people. For 2024, Sklavenitis Cyprus is expected to generate €230 million in revenue, an increase from €211 million in 2023. The company currently attracts around 20,000 visitors to its stores daily, with a 20% market share in Cyprus.
In contrast, Papantoniou supermarkets, which have a turnover of around €150 million, will now be integrated into the Sklavenitis network. This acquisition will shift the retail sector in Cyprus, particularly in terms of store locations. Sklavenitis currently holds third place in the Cypriot market with 18 stores, but the addition of Papantoniou’s locations will expand its reach and strengthen its presence across the island. Nicosia, with 40% of the market share, is expected to remain a key area for Sklavenitis, followed by Limassol at 30%.
Overall, the integration of Papantoniou into the Sklavenitis network is set to reshape Cyprus' retail sector, offering consumers a more unified shopping experience and expanding Sklavenitis' footprint in key locations across the country.
