Konzum plus and Studenac Lead Revenue Growth in Retail

The Croatian Competition Agency (AZTN) conducted a market research on the retail trade of mixed goods, predominantly food, beverages, and household hygiene products in the Republic of Croatia in 2024. The sample for this research on retail trade of mixed goods for 2024 consisted of 41 entrepreneurs, who, based on their revenues, represent the most significant players operating in the retail trade of mixed goods.

Compared to 2023, there are three fewer traders in 2024. These are La-Vor Trade and Decentia, which were acquired by Studenac, and TP Varaždin, which was taken over by National Trading Chain (NTL). However, it is emphasized that the qualitative and quantitative indicators regarding the sales locations where La-Vor Trade and Decentia previously operated are included through questionnaires to Studenac and NTL, ensuring continuity in monitoring the market situation concerning those sales locations.

Slowing Revenue Growth

Revenues in the retail trade of mixed goods in Croatia for all traders from the AZTN sample in the observed year 2024 amounted to 8.41 billion euros. In 2024, a nominal revenue growth of 679 million euros is recorded compared to the previous year 2023, when revenues amounted to 7.73 billion euros, resulting in a growth of 8.8 percent.

Compared to the research results for 2023, a slowdown in revenue growth in the retail trade of mixed goods for all traders in the sample is noted, as it recorded double-digit revenue growth (1.07 billion euros, or 16.1 percent).

This is somewhat correlated with the decline in the consumer price index in the segment related to the component ‘Food and Non-Alcoholic Beverages’, monitored by the Croatian Bureau of Statistics. Specifically, the relevant consumer price index for this component in 2024 was 3.9 percent, while it was 12.7 percent in 2023. Therefore, it is reasonable to conclude and assume that inflationary movements had an effect on the nominal revenue growth of traders recorded in 2024 to some extent.

Growth of Sales Locations

In 2024, a total of 5,266 sales locations for all traders from the AZTN sample are recorded, which is 126 sales locations more compared to the previous year 2023 (5,140 sales locations), representing a growth of 2.5 percent. The largest growth in the number of sales locations is recorded by small stores. The growth in the number of sales locations is less pronounced than in the previous year 2023, when there were 144 more sales locations compared to 2022, which then represented a growth of 2.9 percent.

Market Structure and Trends

The largest retailer of mixed goods in 2024 is Konzum plus. Its market share in the observed 2024 was 20-30 percent and it records a change in trend, as Konzum plus shows a slight decline in market share compared to 2023, with a single-digit revenue growth in the retail trade of mixed goods. In 2024, it had 636 sales locations.

It is emphasized that the aforementioned data on the market share of Konzum plus, as well as all other market shares of entrepreneurs, are presented in a range of data rather than in exact amounts because they are derived from submitted data indicated by the entrepreneurs as business secrets.

Furthermore, a continuation of revenue growth in the retail trade of mixed goods for members of the Schwarz Group is recorded. Lidl in the observed 2024 records single-digit revenue growth according to relative indicators. Lidl’s market share in 2024 was 10-20 percent. Another member of the Schwarz Group, Kaufland, also records single-digit revenue growth and a market share of 5-10 percent. Collectively, both members of the Schwarz Group in 2024 record a market share of 20-30 percent. At the same time, a trend of slight reduction in the market share of the Schwarz Group in 2024 compared to 2023 is noted.

Out of 41 entrepreneurs in the sample, 35 record revenue growth in the retail trade of mixed goods in the observed 2024.

The largest nominal revenue growth in the retail trade of mixed goods is recorded by Konzum plus, followed by Studenac (both recording revenue growth of more than 100 million euros). The third in revenue growth is Lidl, followed by Plodine, Spar, and Kaufland (all four recording revenue growth of 50 to 100 million euros). Following them are NTL, Tommy, Eurospin, and KTC (all four recording revenue growth of 20 to 50 million euros).

In 2024, regional traders that achieved significant nominal revenue growth include Boso (between 10 and 20 million euros), Ribola, Djelo Vodice, Trgovina Krk, Bakmaz, NewMIP, and Slavonija Bošković, which record revenue growth of 5 to 10 million euros.

Studenac remains in first place in 2024 by the number of sales locations (1,411 sales locations), although these are predominantly small format, such as small stores and self-service shops. The largest increase in market share among the top ten retailers of mixed goods in 2024 compared to 2023 is recorded by Studenac and NTL, followed by Plodine and KTC.

Observing the percentage revenue growth among the top ten retailers, double-digit revenue growth is recorded by NTL, Studenac, KTC, and Plodine.

Among regional retailers, double-digit percentage revenue growth in 2024 is recorded by Slavonija-Bošković, Boso, Bakmaz, Ribola, Prehrana Trgovina, Djelo Vodice, Dergez, and PPK Bjelovar.