Yannis Masoutis: Why is he entering the real estate market – Economic Postman

Now belonging to the “billionaires”, as the turnover of Masoutis broke the barrier of 1 billion euros in 2023, Yannis Masoutis is dynamically and discretely entering the real estate market.

Through the company Galaxias Property Management and Construction SA, formerly Dimitra Market Galaxias, with which he “entered” Corfu by acquiring 18 stores as part of the agreement with SYNKA, the president and CEO of the country’s 5th largest supermarket chain also enters the business of acquiring, building, operating, managing, developing and selling real estate, residential and non-residential.

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“The Masoutis group has approximately 100 properties worth over 250 million euros. We wanted to make a real estate company so we kept the company “Dimitra Market” which has several properties in Corfu and we will also include some privately owned shops in Masoutis. This does not mean that the commercial company (including the Masoutis chain) will be left without real estate. It will continue to own the head office building, the storage areas in Kavalari and some stores,” said Mr. Yannis Masoutis on the sidelines of the opening of the chain’s largest store in Corfu and the second largest on the island. It is a renovated store with a usable area of ​​1,600 sq.m., at the 1st km of the National Highway of Lefkimmi, Corfu.

With Corfu contributing 50 million euros to the group’s total turnover, Masoutis has become a leader in the island’s food retail trade. In fact, cash & carry Masoutis will open in the near future right across from the renovated store.

The next stop in terms of the Ionian is Lefkada where two plots of land have been purchased, while the chain’s development plan is to expand to all areas of increased tourist interest. After all, regional development is at the heart of its strategy either through organic expansion or through acquisitions.

In 2023, Masoutis broke the barrier of 1 billion turnover for the first time, compared to 924 million euros in 2022, having a growth rate of 16%, while for this year it is “running” with 7.5%.

Investments of 25 million euros this year in the network

The organic growth plan of D. Masoutis for 2024 includes the opening of 3 new stores, 2 of which are in Attica and one in Chalkida.

In particular, in Attica, according to the management of the chain, before the end of the year, the second Grand Masoutis is expected to operate in Treis Gefyres (note that the chain’s large store in Glyfada has preceded it, whose performance is satisfactory, according to Mr. Masoutis).

The new store will be developed on a level of approximately 2,000 m2, while at the same time two twin 9-storey apartment buildings will be built directly above, which will accommodate 110 apartments of different sizes. The complex will have two underground parking spaces, one for the store and one for the residents of the two residential complexes.

A gas station will also be built on the 5-acre plot on which this development will be implemented, the first of Masoutis in Attica, as the company already owns gas stations in Northern Greece.

The specific real estate project of Masoutis is the company’s most important investment in Attica so far, as it is expected to exceed 30 million euros, but also the largest project currently underway in the Municipality of Athens.

For the construction of the residences, which will follow that of the store, during this period, according to the general manager of the chain, Mr. Theodoros Gerostergioudis, offers from manufacturers and developers are being examined in order to choose the best proposal, which will also depend on the way the houses will be sold (sale or rent).

The second new Masoutis store, but of a smaller size, will open in Nea Smyrni, on the property where the well-known Italian restaurant “Cavaliere” operated until last year, which was completely destroyed by fire.

The chain is also about to open a new store in Chalkida, in a property that used to house a cinema. “We have to be inventive” meaningfully noted Mr. Gerostergioudis, commenting on the lack of supply of suitable properties to accommodate supermarket halls.

Additionally, in 2024, 15 stores will be renovated, of which 12 in the region and 3 in Athens. Up to now, since the beginning of the year, 5 stores have been renovated: one in Santorini, 2 in Corfu, one in Milos and one in Trikala.

Entry into the franchise with the Masoutis brand

According to Mr. Gerostergioudis, the company is considering the development of a franchise network, aiming to expand its network in areas that are difficult for a large chain to expand. The sizes of the stores she is interested in are between 400 and 600 sq.m.

It is recalled that the northern Helladic chain maintains a flexible commercial partnership with 180 small stores nationwide under the Express Market brand.