The 15% tax cut has boosted Romania's grocery sector, the report said.
A cut in Romania’s rate of VAT for food products from 24% to 9% boosted grocery consumption and is expected to positively influence the market’s value this year, according to the findings of a new report into the Central European grocery sector.
The market is consolidating, the research found, after Auchan acquired 20 Romanian stores from Real as part of a €1.1bn deal, and with Carrefour expected to take over the Billa supermarket chain.
It also outlines a general fall in annual supermarket revenues in Slovakia, with Carrefour, Tesco and domestic group Hypernova/Terno seeing a combined fall in their average annual sales per store of almost €13.5m between 2010 and 2014. The development of the channel has been strong in recent years and, while the forecast growth rate is expected to decline, it will be steady in the future as well, the report predicted.
It features an analysis of the current state and future development prospects of six European markets – Bulgaria, the Czech Republic, Hungary, Poland, Romania and Slovakia – and has been published by PMR.
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