Spar Group would sell its Polish business

By: Trademagazin Date: 2023. 10. 02. 10:21

🎧 Hallgasd a cikket: Nyelv: Sebesség: 1.05×

Spar Group has announced its intention to sell its operations in Poland as it has been unable to operate them profitably. In 2019, Spar acquired an 80% stake in the Polish supermarket chain Piotr i Pawel for just one euro. Despite increased revenues at the affected stores, they have not been able to generate the expected profits. By the end of September 2022, the company recorded a operating loss of 92.7 million zloty (approximately 7.8 billion forints) in Poland.

The Spar’s leadership, headquartered in the Netherlands, has decided to sell its Polish interests and will continue to support them until they find a reliable investor. It is also worth noting that Spar’s situation in Hungary is not favorable either, where the retail multinational’s tax on retail sales has significantly increased, and its taxable income has decreased.

Tesco took a similar step by withdrawing from Poland and expanding its services in Hungary, such as providing a home delivery service, which contributed to additional revenue.