Despite the decline of inflation and the increase in salaries many consumers’ wallets continue to be half-empty. This is particularly evident not only in low-income households, as one would expect, but also in the so-called ‘middle class’, where around half of the households are burdened with bills and bank debts, and say they will spend less on non-food items.
Confronted with persistent increasing costs, many consumers have become “value hackers” (bargain hunters), adopting new methods to make the most out of their money.
Shopping for lower-priced clothes and shoes, looking for deals and discounts, smaller package sizes when it comes to cosmetics and toiletries, turning to second-hand tech items (and more), and choosing cheaper alternatives to premium or luxury brands, a trend enhanced by TikTok, are some of these money-saving “tricks”.
The growth of value retailing in the domestic market is reflected both in the performance of retail companies that invest in permanent low prices, such as Jumbo Toy stores and the discount chain supermarkets Lidl, and the rapid growth of low-cost foreign chains (the Polish Pepco and Sinsay, the Turkish LC Waikiki and Serbian Lili Drogerie), as well as the silent invasion of the Chinese platforms Temu and Shein.
Polish chain Pepco – a chain of discount shops offering apparel and household products at the lowest prices – which began its commercial activity in Greece at the beginning of October 2022, has reached 27 stores nationwide, with management appearing satisfied with the performance in terms of turnover. In fact, according to Konstantinos Vlassis, Expansion Manager of the chain, the parent company has an increased budget for further expansion of Pepco stores in the domestic market.
For 2024, they have planned to double the number of stores to increase brand awareness in Greece. The goal for the Greek market is to reach 200 stores across the country Vlassis said.
The Polish retail chain stores represent exclusively the idea of value retailing – its most expensive code does not exceed 30 euros – to expand faster in the province following the strategy of co-housing. A strategic collaboration has already moved forward with AB Vassilopoulos for the operation of points of sale within the stores of the AB supermarket chain in 5 cities in Northern Greece.
Another Polish group – LPP- has drawn up a dynamic expansion plan in the Greek market, with its chain stores SiNSAY reaching 6 shops at the end of January 2024.
The Polish chain is making its debut in the Greek market with two new stores, one in Petrou Ralli in Athens and the second in the port of Piraeus.
Offering a variety of products from clothes to homewares and cosmetics, all at affordable prices, the group aims to reach 30 stores within the next two years. At the same time, another brand from the same group is planning to penetrate the Greek market.
Turkish chain LC Waikiki, an Istanbul-based chain ready-to-wear fashion company, is growing at a steady but slow pace.
In 2023, the company added two more sales points to its network, in the city of Ioannina located in western Greece, and Heraklion, in Crete, in the Talos Plaza shopping center.
The chain has now reached a total of 10 stores and is planning to expand further with one more store in Kavala in northern Greece.
Serbian cosmetic chain store, Lili Drogerie started its operations in Greece in April 2021. It has now reached 19 stores, all in the Attica region.
In addition to selling products from well-known cosmetic and personal care brands, the company has developed its brand name to provide solutions at low cost.
Source: tovima.com
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