Masoutis: Dominates Corfu, “enters” Lefkada and continues investments – New strategy and company for real estate

On the path of development it continues to move Diamantis Masoutis, which in 2023 “broke” the barrier of 1 billion euros in sales for the first time. In particular, it recorded a turnover of 1.1 billion euros last year, showing a growth rate of over 16% and, in fact, without counting the figures of SYNKA in Crete (around 170 million euros), in which it holds 50%. The chain continues with the same momentum in 2024 recording a growth rate of 7.5% in the first quarter of 2024, in a market in which, as pointed out by the General Manager of Masoutis Theodoros Gerostergioudis in a meeting with journalists on Saturday in Corfu, different speeds of development are detected, with the players not moving coherently. An indication, as he mentioned, of the fact that there are “strategies that work and strategies that don’t work». However, Masoutis seems to be among the winners of the market, as its head, the president and CEO, stated at the same meeting Yannis Masoutis has now managed to maintain a share of 10%-11% nationwide, and there are still regions of the country such as the Peloponnese (it is currently active only in Patras), where it does not have a strong presence. Mr. Masoutis stated that the company is moving upwards both in terms of sales value and sales volume (+3.5%) and underlined the great perspective that Masoutis maintains for the future as he is still building his presence in terms of the nationwide network . And the forecast for the end of the year regarding Masoutis is marginally positive, at a time when the market is expected to register a negative sign and which, as predicted by the heads of Masoutis, is before a new round of concentration.

The renovated store of Masoutis in Corfu

Dominion in Corfu

The meeting with the journalists took place on the sidelines of the event held by Diamantis Masoutis on Saturday, April 20, after the renovation of the largest super market she owns in Corfu. It is a store of 1,600 sq.m. with a storage area at the 1st km of the National Road of Lefkimmi Corfu, in which an investment of approximately 1 million euros was made. It belongs to the network of 18 stores that Masoutis maintains in Corfu and which it added to its network in 2022. They came from the agreement with the company SYN.KA Crete Hypermarkets S.A. and the transfer of the Corfu branches of the companies “Galaxy S.A.” and “Markato S.A.”

It is about 18 stores in key parts of the island, which give Masoutis a leading presence in Corfu as it has more than double the number of sales points compared to the competition. This is a very important market for Masoutis and it is characteristic that the turnover concerning the island of Corfu amounts to approximately 4% of the total turnover of the chain. Also in Corfu, the chain employs 314 workers (30 in the renovated store that opened on April 20), having retained all the staff in the stores that were acquired or merged.

The first cash & carry of Masoutis is coming to the island of Faiakon

As Mr. Gerostergioudis noted, the network of Masoutis retail stores in Corfu covers the entire island, with the Paleokastritsa area being the only one where there could be some development of a new location in the future. That is why Masoutis invests in the wholesale sector and plans to launch the first cash & carry in Corfu. It will be located in an adjacent area next to the parking lot of the recently renovated store and the plan foresees the creation of a store of approximately 2000 square meters together with the storage areas. Masoutis has been active in the wholesale sector since 1986 and currently operates 22 Cash & Carry stores in various prefectures of Greece.

Entry to Lefkada as well

Continuing its development, Masoutis continues its expansion to Lefkada. As mentioned by Yannis Masoutis, two plots of land have been acquired on the island at the entrance of the city of Lefkada, where a store of approximately 1300 sq m is to be developed. The operation of this store is planned, according to the original plan, for 2025.

Investments of 25 million for renovations and new stores in 2024

The organic development plan of D. Masoutis for 2024 includes new stores in Attica in the areas: Treis Gefyres (the target is Christmas), Nea Smyrni (700 m2 on two levels in the property that housed the Cavaliere restaurant) and Chalkida (1000 m2) on the city’s pedestrian street in an old cinema), bringing the total number of points of sale to 393.

It is recalled that the real estate project of Masoutis on Three Bridges 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. The development includes the creation of the new Grand Masoutis of approximately 2000 sq m and the parallel construction of a building complex of two 9-storey apartment buildings on the same site, which will accommodate 100-200 apartments of different sizes. The complex will also have two underground parking lots, while a gas station will also be built on the plot of land where the development will take place

Even in 2024, 15 stores will be renovated, of which 12 in the Region and 3 in Athens. Already today, since the beginning of the year, 5 stores have been renovated: one in Santorini, 2 in Corfu, one in Milos and one in Trikala. It should also be mentioned that Masoutis proceeded to acquire a plot of land that hosted a “5×5” business next to the Grand Masoutis parking lot in Glyfada, which was inaugurated in December 2023, and now creates a parking area of ​​8-9 acres for this store.

However, as Mr. Masoutis noted, the company’s investment in price reductions and offers is even more important. Characteristically, he spoke of a price reduction of 50 million euros this year, pointing out that this move “hurts” the company’s profitability but is a conscious choice by Masoutis and will continue.

The “new” real estate company

It is worth noting that Masoutis is proceeding with a new strategy regarding its properties, which, as Mr. Gerostergioudis mentioned, are worth more than 300 million euros. Specifically, it is expected to utilize the company “Galaxy SA“, one of the aforementioned Corfu-based companies, contributing to it some of the properties belonging to Diamantis Masoutis. As Mr. Masoutis pointed out, it has not yet been decided exactly what these properties will be, but as he underlined, they are not going to be Masoutis’ headquarters or warehouses. He also emphasized that Diamantis Masoutis will not be left without real estate in her possession. Regarding the reasons for this move, he noted the easier capture of the value of real estate.

It should be mentioned that from December 2023 the “GALAXYS ANONYMOUS COMPANY OF DIMITRA MARKETS CHAIN ​​OF STORES” it is called “GALAXY PROPERTY AND CONSTRUCTION MANAGEMENT

SOLE INDIVIDUAL JOINT STOCK COMPANY” Mrand its purpose includes the following:

• The acquisition, construction, exploitation, management, development, sale of real estate, as well as the construction and/or repair and/or restoration of buildings and real estate in general, including residential and non-residential real estate.
• The development and exploitation of real estate in any way and system
• The construction of buildings and building complexes by contract or with consideration
• The establishment, construction, operation, leasing, management, management of tourist facilities including hotels, restaurants – entertainment centers, conference centers, thalassotherapy centers, marinas, sports activities and facilities.
• The buying and selling of residential buildings and plots of land for residential buildings.
• The leasing and management of owned or leased real estate, intended for residence, as well as real estate, not intended for residence.
• The undertaking, preparation or outsourcing to third parties of any type of technical studies (architectural, static, mechanical, electrical, environmental), as well as technical, financial and economic-technical studies.
• Undertaking the technical direction, planning, execution and commissioning of technical projects or in general investments and investment programs (project management).
• The establishment and operation of “SuperMarket” type wholesale and retail stores, domestic and colonial products, imports and exports of these and other goods of all kinds and all kinds, the representation of domestic or foreign commercial, craft and industrial houses and the establishment and exploitation of all kinds of tourist businesses

Market entry Franchise

Finally, Mr. Gerostergioudis mentioned that Msoutis is examining the model with which it plans to enter the franchise market (at the moment it maintains commercial partnerships and not franchise partnerships), noting that this may be finalized in 2025. More generally, he stated that the franchise stores it wants to develop, Diamantis Masoutis plans to range between 400-600 sq m and be located “in areas where it does not have a presence and in areas where it does not make sense to have a company store”.