AB Vassilopoulos: Exiting Wholesale to Focus on Franchising

The sale of ENA Cash & Carry to The Mart marks AB Vassilopoulos’s exit from wholesale and forms part of a restructuring of its business model. The Greek supermarket chain’s plans now centre on expanding its retail network to around 900 stores by 2028, of which approximately 700 are expected to be franchised.

Exiting wholesale as part of the restructuring plan

According to a Business Daily report published on 10 November 2026, the sale of ENA Cash & Carry is part of AB Vassilopoulos’s efforts to reshape its operations and return to profitability. The transaction therefore reflects a broader shift in priorities, rather than simply an exit from one business activity.

The stated direction is to strengthen the chain’s retail presence, with greater emphasis on franchise partners. For those interested in the Greek franchise market, this connection is particularly significant: a major chain is narrowing the scope of its activities while planning substantial growth in the network operated by independent partners.

A return to profitability remains an objective of the plan. Likewise, the figures for 2028 are growth targets, not a description of the network’s current size. This distinction is essential when assessing the changes the company is pursuing.

From around 470 to 700 franchised stores

At a management event in September, AB Vassilopoulos presented a network comprising around 470 franchised and 230 company-owned stores. The interim target cited in the report is to reach 500 franchised stores by the end of 2026.

The plan for 2028 envisages around 700 franchised and 200 company-owned stores. The change therefore concerns not only the total number of outlets but also the network’s composition, with more partner-operated stores and fewer company-owned outlets than in the figures presented in September.

The two growth routes outlined are opening new stores and converting company-owned outlets into franchises. As Nikos Lavidas noted at the September event, developing around 100 stores a year, alongside conversions, requires substantial capital.

This is therefore not solely a search for new locations. Making use of existing outlets is also part of the plan, with upgrades carried out before they are handed over to franchise partners.

The investment behind the change in business model

The exit from wholesale comes alongside plans to invest around €50 million annually. According to the same report, AB Vassilopoulos’s total investment reached €52 million in 2025, compared with €41.5 million the previous year.

Of particular relevance to prospective franchisees is the preparation of company-owned stores being converted into franchises. Before an outlet is handed over to a partner, work includes refurbishment, replacement of refrigeration equipment, installation of automation systems and other improvements, so that the partner receives an upgraded store.

This description indicates that conversion involves more than a change in how a store is managed. It also includes investment in its equipment and condition. However, the overall investment figures relate to the company and do not represent a disclosed entry cost for a prospective franchise partner.

When assessing a specific franchise proposal, it is therefore important to examine separately what has already been upgraded, what work remains and which obligations each party will assume. The broader growth plan is no substitute for the specific terms of an individual franchise agreement.

What the new direction means for franchise partners

The sale of ENA Cash & Carry and the planned increase in franchised stores point to a clear strategic direction: AB Vassilopoulos is placing greater emphasis on a retail network in which franchise partners will play a larger role.

The key issue on the road to 2028 will be the delivery of each element: adding outlets, converting company-owned stores and making the associated investments. The target of 700 franchised stores reflects the scale of the ambition, not a guarantee of returns for every outlet.

Practical takeaway: Prospective franchise partners should assess the specific location, the condition of the equipment and the contractual terms, distinguishing the prospects of the wider network from the requirements of their own investment.