Local company has become the leading grocery retailer in Bosnia with a 17% market share at the end of 2016. As a result of Bingo taking over, Konzum (owned by Croatian Agrokor) slipped into second place with 16%, according to a report by Euromonitor.
Konzum originally drove consolidation in the local market, but lost steam at the end of the year, as it was still adjusting operations following its acquisition of Mercator in 2014.
Bingo’s performance towards the end of 2016 enabled it to take the lead in market share, as it invests in new greenfield projects focusing on the shopping mall format. Bingo ended 2016 with 183 stores of different formats, after opening a new shopping mall in Vogosca at the end of December that includes a hypermarket with 4,500 square meters of retail space.
The Euromonitor report revealed that Bosnian consumers increased their demand for grocery and non-grocery items in the second half of 2016 as a result of the improved economic climate. Affordable financing from international creditors such as the World Bank and EBRD fueled the growth of domestically-owned retailers.