Dutch multinational food retail chain SPAR International is set to enter the Cypriot market after signing a new partnership deal with Ermes Department Stores.
Known as SPAR Cyprus, the combined entity is set to provide wholesale and retail service to independent retailers in Cyprus.
Ermes currently operates 90 stores, which offer apparel, cosmetics, DIY and electronics.
SPAR International managing director Tobias Wasmuht said: “The introduction of SPAR to Cyprus provides the leading independent retailers of Cyprus the possibility to respond to growing market concentration in Cyprus of national and international chains, whilst meeting the needs of both local and international tourist shoppers.”
SPAR Cyprus is expected to open company-owned food retail outlets, while simultaneously expanding the SPAR footprint through partnerships with independent retailers.
It is also planning to open more than 20 SPAR supermarkets over the next five years, with the first stores set to open in Cyrus in the first quarter of next year.
Under the plan, the new stores will include independent retailer conversions to the SPAR brand, as well as new company-owned greenfield SPAR supermarkets developed by Ermes.
As part of its contribution to the collaboration, SPAR International will provide support services such as supply chain optimisation, own brand product procurement, staff training and development, as well as retail layout and design.
It will also offer retail location assessment, project management, retail operations and brand building marketing campaigns.
SPAR currently has 12,545 stores in 44 countries and reported sales of €33.1bn last year.
Image: Inside a SPAR store. Photo: courtesy of SPAR International.