Marinopoulos Market

Five months after an agreement was signed to save the Marinopoulos chain of supermarkets from closure, Wednesday should see the start of its operation under the control of the Sklavenitis group.

Greek supermarkets endured their biggest annual turnover drop of recent years in 2016, according to market researchers IRI, while the first signs for this year are far from encouraging.

The Competition Commission on Thursday issued its conditional approval of the Sklavenitis supermarket group's takeover of the outlets of its bankrupt rival Marinopoulos, demanding the sale of 22 stores belonging to the two chains (19 of them in Attica), and the increased protection of suppliers with a high dependence on the two major retailers.

The completion of the acquisition of Marinopoulos supermarkets by Sklavenitis edged a step closer on Wednesday after the publication of a decision by the competent court in Athens that approved the agreement for the streamlining of the country's biggest retail chain.

Delays in the process of streamlining the Marinopoulos supermarket chain are having a direct impact on the property market too, as the owners of the properties that house the chain's stores are suffering from the debts that have accumulated over the last 18 months.

The money for the intermediary funding of bankrupt supermarket chain Marinopoulos - to ensure its operation until its takeover by Sklavenitis - has run out, leaving it unable to cover the December salaries of the 10,800 employees.

Neighborhood minimarkets and discount chains were last year's net gainers in food retailing (excluding open-air street markets). These two categories saw their turnover grow in 2015 compared to 2014, according to a report issued by research firm IRI.

Supermarket chain Sklavenitis announced on Tuesday that it is in the process of absorbing the Greek retail network of rival chain Veropoulos, to be completed by the end of the year.