Colruyt Group’s fresh produce markets Cru continue to rack up losses

Colruyt Group has once again written off 13.6 million euros in losses at its subsidiary holding company Puur, which operates four Cru fresh food markets in Belgium. The retailer has not yet managed to make the premium food concept profitable.

Already 55 million euros invested

Colruyt Group has injected 14 million euros in fresh capital into the four Cru fresh markets, which suffered a loss of five million euros last fiscal year—the same amount as the year before. Since its launch in 2015, Colruyt Group has already invested approximately 55 million euros in the Cru stores, reports the website De Rijkste Belgen. In 2023, the group had already injected 20 million euros in fresh capital into Puur, after which the carried-forward loss of 30 million euros was eliminated.

Cru has stores in Ghent, Dilbeek, Antwerp, and Overijse. Through various measures, Colruyt Group has attempted in recent years to bring the prestigious fresh markets out of the red. For example, the stores have shifted toward self-service, the product range has been optimized, and the Cuit restaurants attached to the stores were divested. Plans for a fifth store in Leuven were scrapped. But for now, the group has been unable to make the project profitable.

Cru is not the only loss-making division within the group, however. Professional food wholesaler Solucious eliminated a loss of 8 million euros, while wine retailer Bottles cleared a loss of 0.5 million euros.

Update: read Colruyt Group’s reaction here.