The recession benefitted variety stores as most operators in this category stock economy merchandise, which attracted cash-strapped consumers. Even though Greece exited the Memoranda in 2018, consumer confidence is still low; thereby the climate remains favourable to economy goods.
Chained variety stores invest in e-shopping: Jumbo and Max stores have introduced online selling in order to benefit from more and more consumers shopping online. Flying Tiger Copenhagen and Cream Team have not followed with online platform sales as of yet.
Offering low-cost alternatives and a wide array of merchandise, variety stores have been and will continue to see sales growth that affects the performance of multiple categories. Amidst the wide range of homewares offered in such stores at very competitive prices, variety stores claim sales from homewares and home furnishings specialist retailers.
Jumbo ranks first in variety stores, claiming the category’s dominant value share. Jumbo continues to invest in its variety merchandise to increase footfall and cover more needs, offering economy products (which are usually imported) and seasonal goods.
Max Stores ranked second, focusing on stationery and school supplies as well as toys and games amongst others. The company opened an additional outlet in 2018, hence its sales increased by double digits and its value share increased slightly too.
Variety stores is a rather fragmented channel in Greece. In an attempt to capitalise on the Greeks’ limited disposable income, retailers invest in independent variety stores that can offer economy products to consumers that are still buying under strict budgets.
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