The former central offices of the Stefanidis Group, located opposite IKEA in Strovolos, are currently undergoing extensive reconstruction to house the new Jumbo store in Cyprus. This development has gained momentum over the past few weeks.

According to Polys Economides, the Financial Director of Jumbo stores in Cyprus, as reported to Brief, the chain's sixth store in the country is expected to open and welcome its first customers by mid-summer. He noted that the exact opening date depends on the completion of the building's reconstruction, which commenced a few weeks ago and is ongoing.

Economides disclosed that the store would provide approximately 460 parking spaces, some of which are designated for persons with disabilities, while the total area of the store is about 10,000 square meters.

A recent shareholder and investor briefing revealed Jumbo's management anticipates sales in 2024 to continue the upward trend of recent years, improving by approximately 8% to 10%, with a corresponding increase in profitability.

For 2024, the Group's core commitments include:

• Maintaining product prices at levels compatible with the evolution of consumer incomes.

• Continuously rewarding shareholders and partners for their investment trust.

Group sales in 2023 increased by about 14% compared to 2022, surpassing 1 billion euros (€1.081 billion).

In January 2024, Group sales grew by about 4% compared to the strong performance in January 2023. The Group aims to open three more hyper-stores in Romania and one in Cyprus for 2024.

Additionally, the reopening of two stores in Greece, currently closed due to floods in September 2023, is expected.

• Greece: In January 2024, net sales of the parent company (excluding intercompany transactions) increased by approximately 3%.

• Cyprus: Sales in January 2024 remained roughly at the same level as the previous year.

• Bulgaria: The network recorded a sales increase of about 8% in January 2024, compared to the same month last year.

• Romania: Network sales and the online store saw a rise of approximately 10% in January 2024, compared to the same period last year.