**Athens, Greece –** Jumbo, the ubiquitous Greek retail giant, is embarking on a bold new chapter of international expansion, setting its sights on the substantial markets of Turkey and Canada. This strategic pivot, spearheaded by company head Apostolos Vakakis, signals a deliberate effort to diversify its geographic footprint beyond its established European strongholds and to cement its long-term growth trajectory through a combination of organic expansion and astute cost management.
The company's foray into Turkey is slated to occur in the medium term, with operations to be conducted through a wholly-owned subsidiary. This move into a populous and economically significant neighbour underscores Jumbo's ambition to tap into nascent consumer bases. Concurrently, a significant push into North America is on the horizon, with the first three stores scheduled to open in Ontario, Canada, by 2026. This Canadian venture will be facilitated through a franchising agreement with Israel's Fox Group, a partnership that also serves as a crucial testing ground for potential future global rollouts, particularly for Jumbo's newly conceived smaller store formats.
Central to Jumbo's overarching strategy is a pronounced emphasis on controlling operational expenditures. The company has made substantial inroads into property ownership, now possessing approximately 70% of its operational buildings, which encompass roughly 80% of its total retail and warehouse capacity. This proactive approach to asset acquisition is designed to mitigate the financial burdens associated with rental agreements, thereby bolstering long-term profitability and providing a more stable operational base. This commitment to cost efficiency extends to its domestic market, where Jumbo has recently implemented widespread price reductions, affecting around 90% of its product range in Greece, a move interpreted as a response to perceived deflationary pressures within the Greek economy.
Despite these expansionary ambitions, Jumbo recently faced a recalibration of its market valuation, with financial institution Citi downgrading its shares. The downgrade was attributed to mounting concerns over intensifying competition. However, Mr. Vakakis has remained resolute in his assessment of the competitive landscape, characterising a prominent rival as a mere “mosquito” and dismissing notions that Jumbo is losing its market appeal. He maintains that the company's performance should be evaluated based on tangible financial metrics rather than ephemeral market trends.
Further underscoring shareholder confidence and the company’s robust financial health, an extraordinary general meeting saw shareholders approve a substantial cash payout of €67.18 million, equating to €0.50 per share before taxation, commencing from March 30, 2026. The meeting itself garnered significant attendance, with over 74% of shareholders participating, indicating a strong endorsement of the company's strategic direction. Jumbo's existing international presence already spans a considerable swathe of the Balkan region, including Bulgaria, Romania, Cyprus, Albania, Montenegro, Kosovo, Serbia, North Macedonia, and Bosnia, a network that provides a solid foundation for its ambitious new ventures. The company’s unwavering focus on internal growth, explicitly ruling out acquisitions, as Mr. Vakakis famously stated, "I don’t want to buy someone else’s problems," highlights a meticulously planned and internally driven expansion model.