Oleg Gross opens the 90th store of the Grossi Toidukaubad chain
Oleg Gross's OG Elektra has opened the 90th store of the Grossi Toidukaubad chain in Suure-Jaani. The hundredth outlet will appear in about three years.
OG Elektra, a company owned by Estonian entrepreneur Oleg Gross, opened a new store in the town of Suure-Jaani in early September — the 90th outlet of the Grossi Toidukaubad chain. Around the same time, construction began on a store building in the town of Tamsalu.
By the owner's plans, the chain will reach its hundredth outlet in about three years. The pace of expansion is held back by several factors, including the availability of suitable sites and competition for them from other chains.
One example of such competition is an auction in Järva Parish. The local administration put development rights up for public tender to create stores in rural areas. In the village of Aravete, the Coop chain won, beating Gross. In the village of Kõru, the battle for the plot is still ahead.
According to a source, OG Elektra's revenue rose significantly again last year, and this year the company is close to setting a new record — the expansion of the store chain continues.
At the same time, not all projects go according to schedule. Oleg Gross, who had planned to build a high-rise building in Rakvere, said that for now the construction plans have been postponed indefinitely.
The competitive landscape of the Estonian grocery market is changing: the Estonian Competition Authority (Konkurentsiamet) approved the deal between Coop Eesti and the Finnish-owned Prisma Peremarket chain. The transfer of 13 stores and employees is planned to be completed within this year.
Responding to a question about the impact of fuel prices, taxes and competition on food prices in rural regions, Oleg Gross gave a comment to the publication (full text available to subscribers).
A related segment — commercial real estate — is developing in parallel. Tewox, an investment company managing commercial real estate in Poland and Lithuania, planned to raise 10 million euros in the first round of a bond offering with an 8% yield in August this year, but investor bids totaled 17.4 million euros. Tewox CEO Paulius Nevinskas summarized the three main lessons of the subscription period; Lords LB Asset Management acts as the manager.
Source: Äripäev Turundus
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