Five years ago, Studenac acquired its first company, Istarske supermarkete, and entered its first new region, Istria, from Dalmatia. This marked the beginning of the rapid expansion of its retail network, which today comprises 1,400 stores across all parts of Croatia. Andrija Topić, a member of the Management Board of Studenac for acquisitions and integrations, emphasizes that over six years ago they recognized the opportunity to build a strong national chain while maintaining the local story as their forte since the company’s inception. The further development of the neighborhood store concept, he added, including network expansion through acquisitions, has proven to be the ideal strategy that has made Studenac the most accessible retail chain and the largest market consolidator in Croatia and the region.
How did you manage to acquire more than 700 retail stores in five years?
– Market consolidation along with the opening of our own stores is a key pillar of our growth. We thoroughly analyze every potential acquisition, assessing the company’s potential and the best way to integrate it into Studenac. We pay special attention to connecting cultures, respecting the values of the acquired companies, and creating a bridge between their identity and our system. I believe that every new acquisition is also a result of our previous successes in this segment, which are very easily measurable and visible. Thanks to this, we can convince current owners that the company they have built over the years is in good hands, as are its employees. With this approach, we have integrated ten larger retail chains, including Lonija and Istarske supermarkete, which were key to our expansion. Istarske supermarkete allowed us our first exit beyond Dalmatia, and with Lonija, we solidified our presence on the continent. Likewise, when we recognize an opportunity, we also approach smaller acquisitions of local retail chains that operate with fewer outlets, bringing us even closer to the customer. This method of network development is relevant not only nationally but also in Central and Eastern Europe, as very few retail chains have grown through acquisitions and successful integration at a similar pace in such a short time.
Why are small stores particularly interesting to you?
– We believe in the strength and importance of neighborhood stores and the potential for market consolidation given the number of smaller chains across Croatia. Many of them are successful and strongly connected to local communities, so we approach them carefully to create added value for all involved. At the same time, this model has proven successful in retail across Europe: integrating smaller chains into larger systems optimizes the offering and operational efficiency, placing Studenac among the most successful growth strategies in the industry.
