The owner, Apostolos Vokakis, revealed the products that we will never see sold on Jumbo’s shelves.
Vokakis analyzed during a teleconference with analysts on the occasion of the announcement of Jumbo’s financial results, why he does not want to enter other countries, but also which products we will never find on store shelves.
Specifically regarding the inclusion of new product categories in Jumbo’s portfolio, he said that expansion into new categories is a matter of developments, pointing out that “categories come and go” because the chain adapts and meets the needs of consumers.
But he was confident about the product categories that consumers will never see on the shelves of his stores.
Who are they;
Electronics, food, fashion and hobby. Elaborating on the reasoning behind this view, the head of Jumbo said that these are costly charges which do not bring much profit, typically saying that the specific categories are not paid in cash, but in stocks…
Of course, at the moment the company has on its shelves some codes from the above categories such as children’s clothing and a small number of snacks and soft drinks.
What did he say about Jumbo’s wages?
Regarding the salaries in Greece, he said that the issue is how a company treats its employees, and whether it is in line with the rules or moves better than the average, while he argued that Jumbo has improved over time, which is also reflected in the loyalty shown by employees in its chain.
The rate of departures, as he said, is reduced…
Jumbo: Great concern – “Bleeding” millions of euros!
Jumbo: The sales of the Jumbo Group were down in February in the Greek and Cypriot markets.
According to a related announcement, the data from the sales of the first ten days of March show that consumers do not change their habits and insist on choosing the excellent price-quality ratio offered by Jumbo Group stores.
In this context, the management keeps in force its estimates for an increase in turnover and profits, this year, of +8% to +10%.
In more detail, the sales of the Jumbo Group during February 2024 appear reduced by approximately 3% compared to the corresponding month last year mainly due to the strong seasonality of sales in Greece and Cyprus where the celebration of Halloween this year is on March 17 (February 26 last year) Overall, in the first two months of 2024, the Group’s sales were unchanged.
In Greece, in February 2024, the parent company’s net sales (excluding intra-company transactions) showed a decrease of approximately 8% as last year February included sales related to the Halloween celebration.
Overall for the first two months of the year 2024, the parent company’s net sales – excluding intercompany transactions – showed a decrease of approximately 3% compared to 2023.
In Cyprus, store sales in February 2024 were down by around 12% as last year February also included sales related to the Halloween celebration.
In total, the sales of stores in Cyprus for the first two months of 2024 are reduced by approximately 7% compared to the corresponding period last year.
In Bulgaria, network sales recorded an increase of approximately 13% in February 2024, compared to the corresponding month last year.
In total, sales in Bulgaria for the first two months of 2024 are up by approximately 11% compared to the corresponding period last year.
In Romania, sales of the network as well as the online store (www.e-jumbo.ro) recorded an increase of approximately 15% in February 2024, compared to the corresponding month last year.
Overall, sales in Romania for the first two months of 2024 are up by around 13%, compared to the same period last year.
Jumbo: How Vakakis built his empire
His family history is more or less known. “Son” of diaspora Hellenism, Apostolos Vakakis was born in 1954 in Alexandria, Egypt.
His father Georgios Vakakis, an industrialist in Egypt, produced expanded polystyrene, which was the basic insulating material of that time for refrigerators as well as for buildings.
The political developments in Egypt with the Nasser revolution forced the Vakaki family to come to Greece in 1962.
With the situation in the “motherland” not being the best, Georgios Vakakis goes abroad to neighboring Italy, where he gets a job in a small cottage industry manufacturing stuffed animals and dolls.
The wonderful tale of the family’s bond with toys begins from the home of Georgios Vakakis.
It was the seed that was to bear the huge “bean” that led to the “goose with the golden eggs”.
Everything for the Vakaki family was a family affair.
The first capital to build the great “El Greco” industry came from the sale of the jewelry that Apostolos Vakakis’ mother, Sophia, had managed to bring with her from burning Egypt.
After his 20 years, Apostolos Vakakis leaves to study Accounting and Finance at Warwick, Britain with a dream of ending up at Berkeley.
Then came the first blow. A major fire at the El Greco factory in Ano Glyfada forced the 23-year-old Apostolos to return to Greece and try to rebuild the industry from the ruins with the help of the production unit on the island of Zakynthos.
On the island of the Ionian Islands, Apostolos Vakakis lives an explosive “apprenticeship” next to his father in the 3 years he stayed on the island, until 1985 when he assumed the position of president of El Greco, which dominates the Greek game.
In 1990, seeing the advance of multinationals in Greece, he decides to sell El Greco to the multinational Hasbro, while continuing to manage the company and at the same time participates in the management committee of Hasbro Europe.
And Jumbo stores were born, with the first store operating in Glyfada in 1986 and Apostolos Vakakis trying to obtain even greater liquidity in order to proceed with building his own empire.
In 1997 he entered the Stock Exchange, in 1998 he acquired larger warehouses and in 1999 he continued the rapid expansion of his stores.
The war with the other players of the time has started with the final winner being Apostolos Vakakis.
The following years find the company steadily on the cusp of success culminating in 2004, when it takes over after a competitive tender the exclusive right to produce and market the 2004 Olympic Games Mascot.
The answer to his recipe for success? As he says: “in Greece you don’t have to “think” yet, you’re wasting valuable time.
In the first phase, you only have to study and follow the steps of development in the developed markets abroad. I simply followed the prevailing international trend.”
With sales exceeding 582.55 million euros, with turnover increasing by 7.51%, with each year proving even more profitable than the previous one as profits are constantly increasing, with 72 stores of which 53 are located in Greece, 5 in Cyprus, 8 in Bulgaria and 6 in Romania, while the Group also has the e-Jumbo online store which ensures even more sales this year, the only thing that is certain is that Mr. Jumbo and his “empire” will occupy us for many years to come…
Tags: product prohibited sale Jumbo reason .. leaves speechless
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