Belgian drugstore chain Medi-Market is looking for Spain to continue its European expansion, after a successful roll-out in Italy.
Half sales from abroad
CEO Cédric Antoine, former chief at Cora Belgium&Luxembourg, is on a quest to conquer Europe with his Medi-Market chain. He aims to open fifteen new stores in Italy this year and then add an average of thirty stores per year until 2028. As early as 2027, Italy should generate more sales than Medi-Market’s home market of Belgium: in five years’ time Medi-Market wants to get more than half of its sales from abroad.
He also sees great potential in Spain, where expansion should start next year. And who knows what will follow: “If we see growth in Italy and Spain, we can tap into other markets”, the French national says. This would mean, though, that Medi-Market is moving in a wide arc around France, after leaving the country in 2022 as competition proved too strong. The CEO therefore remains cautious: “We have moved quickly from adolescence to maturity, so we have to control the pace of development.”
The chain also wants to keep opening a dozen store per years in Belgium, although there are only three store openings still planned for 2024 while just four stores have opened so far. By the end of the year, Medi-Market aims to have eighty stores in Belgium. Last year, total sales grew 35 % to reach 330 million euros. That growth was mainly thanks to the physical outlets, as only 7 % of sales came from e-commerce.
