The UK retailer giant Tesco sold its Polish operations to Denmark’s Salling Group for PLN900mn (€226.82mn), Tesco said on June 18.
The transaction ends Tesco’s struggle on the demanding Polish market, where non-UK brands such France’s Auchan, Portugal’s Jeronimo Martins and Poland’s own Dino, are strong.
Poles’ shopping habits have also changed in recent years, with customers moving towards smaller, more conveniently located stores or to discounts. That proved a problem for Tesco, which relied on large hypermarkets.
Tesco operated 455 stores in 2014. That diminished to 345 last year.
“We have seen significant progress in our business in Central Europe, but continue to see market challenges in Poland. Today’s announcement allows us to focus in the region on our business in the Czech Republic, Hungary and Slovakia, where we have stronger market positions,” Tesco’s chief executive Dave Lewis said in a statement.
The buyer, Denmark’s Salling Group, operates Netto stores in Poland.
Related Articles
Ukraine’s NovaPay launches European app for financial services with Polish partner
Ukrainian financial services group NovaPay has launched a European version of its mobile application, aimed at Ukrainians and EU residents, in partnership with Polish payment institution Quicko, ... more
Russian drones targeted Rzeszów airport hub, media claim
Russian drones, which breached Polish airspace in the early hours of September 10, might have been targeting the airport in Rzeszów, which is vital for the West’s military supplies to Ukraine, ... more
Non-performing loans hit historic low in CESEE, but early warning signs emerge, says EBRD
Non-performing loans (NPLs) in central, eastern and south-eastern Europe (CESEE) fell to their lowest levels since the global financial crisis in 2024, but early indicators suggest rising risks ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
23 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago