Greek retailer announces major expansion into six new international markets

Greek retail group Jumbo on Tuesday announced a major expansion plan to add new stores to its growing international network, which already includes a strong presence in Cyprus, through a strategic agreement with the Balfin Group.

The agreement will see the Jumbo brand enter six new markets, namely Ukraine, Georgia, Armenia, Azerbaijan, Kazakhstan and Uzbekistan, significantly broadening its regional footprint.

As part of the partnership, Balfin will establish a central logistics hub in China to support the expanded network and streamline supply chain operations across these territories.

The move builds on an already established collaboration between the two groups in Albania, Kosovo, Bosnia and Herzegovina, Montenegro and Moldova, where a new store is expected to begin operations within the year.

The latest expansion marks a notable evolution in the business model underpinning the partnership, shifting towards greater operational independence in newly targeted regions.

In existing markets, inventory management and logistics have largely been handled through Jumbo’s infrastructure in Greece, supporting franchise operations across south-eastern Europe.

Under the new framework, Balfin will develop its own integrated logistics network and assume full responsibility for the supply chain in the new markets, from sourcing products in China to warehousing, transportation and distribution across the Caucasus, Ukraine and Central Asia.

Overall, Jumbo maintains a presence through franchise partnerships with 46 branded stores across seven countries, including Albania, Kosovo, Serbia, North Macedonia, Bosnia and Herzegovina, Montenegro and Israel.

At the same time, the group continues to prioritise organic growth as a core strategic objective, complementing its franchise expansion.

A new store is expected to open in Baia Mare, Romania, by the end of October, further strengthening the company’s footprint in the region.

Currently, Jumbo operates a total of 89 physical stores, including 53 in Greece, six in Cyprus, 10 in Bulgaria and 20 in Romania, alongside its e-commerce platforms in all markets where it is active.

The company also highlighted that its strong capital structure, zero bank borrowing and high liquidity remain key pillars supporting its expansion strategy.

These factors, it said, enable sustained organic growth and the gradual strengthening of its position as a leading regional retail player.