Retail in 2024: The big picture
In 2024, the retail sector in Slovakia faced challenges, as a rise in price sensitivity led consumers to focus on price deals and promotions. While inflation stabilised and was notably less pronounced than in 2023, it continued to contribute to retail value sales growth. However, providing value for money became essential for success, benefitting retailers that were able to offer the lowest prices or competitive deals, alongside strong customer service. Consequently, discounters, e-commerce platforms, and variety stores emerged as top performers in 2024.
Retailers offer added-benefits, deals and discounts to drive sales
In 2024, retailers known for providing value-for-money options continue to grow, with brands like Half Price and Action establishing a strong presence. Additionally, the popularity of private label products remained robust, as Slovak households were hesitant to spend, and consumer sentiment was weak due to the announcement of upcoming austerity measures by the Slovak government.
Leading players focus on consolidation to prioritise efficiency
In 2024, the competitive environment saw significant consolidation, especially among companies that have been expanding for several years. For example, Tesco Stores closed its Zabka grocery outlets, rebranding some of them as Tesco Express. Similarly, Pepco paused its expansion strategy in 2024 to focus on cost optimisation. With new competition entering the market, Pepco will prioritise efficiency in order to maintain its market share throughout the forecast period.
What next for retail?
Retailing in 2025 will be shaped by cross-border shopping and price-sensitive consumer behaviour, due to the impact of new legislative regulations. Higher direct and indirect taxes are expected to limit purchasing power early in the year, with a VAT rate increase from 20% in 2024 to 23% in 2025 for non-food and beverage products. This change will likely drive consumers to make more retail e-commerce purchases from countries with more favourable tax rates, such as the Czech Republic.
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Overview:
Understand the latest market trends and future growth opportunities for the Retail industry in Slovakia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
- Convenience Stores
- Discounters
- Hypermarkets
- Supermarkets
- Traditional Grocery Retailers
- Apparel and Footwear Specialist Retailers
- Electronics and Appliance Specialist Retailers
- Health and Beauty Specialist Retailers
- Home and Garden Specialist Retailers
- Department Stores
- Variety Stores
- Warehouse Clubs
- Direct Selling
- Homeshopping
- Vending
If you're in the Retail industry in Slovakia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Retail in Slovakia report includes:
- Analysis of key retail trends
- Detailed segmentation of offline and online retail sales
- Historic channel sizes (retail value sales, outlet counts, and selling space)
- Company and brand market shares (retail value sales and outlet counts)
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Retail in Slovakia?
- Which are the leading retailers in Retail in Slovakia?
- How are products distributed in Retail in Slovakia?
- How is the rise of e-commerce and the expansion of modern grocery retail impacting traditional retail?
- How significant are discounters and private label in Slovakia?
- To what extent are sales shifting towards digital channels?
- What is the long-term outlook for bricks-and-mortar?
- How is macroeconomic and political uncertainty affecting the retail industry?
- What types of retailers are seeing the fastest growth in digital sales?
- What is the future of retail?
Retail in Slovakia
Retail in 2024: The big picture
Retailers offer added-benefits, deals and discounts to drive sales
Leading players focus on consolidation to prioritise efficiency
What next for retail?
Informal retail
Opening hours for physical retail
Seasonality
Christmas
Easter
Back to School
DISCLAIMER
Convenience Retailers in Slovakia
KEY DATA FINDINGS
Retail value sales rise, however, price sensitivity dampens growth
Tesco rebrands Zabka stores to become Tesco Express
Retailers focus on omnichannel strategies to boost sales
Modernising stores and improving customer service is expected to support footfall
Changes to the VAT rate is set to challenge sales across 2025
Premiumisation and convenience will be key drivers of growth over the forecast period
Supermarkets in Slovakia
KEY DATA FINDINGS
Supermarkets focus on deals and discounts to boost value growth in 2024
Players extend their e-commerce delivery services to drive growth and boost sales
Proximity benefits supermarkets, however, discounters are strong competition
A focus on price and promotions is set to drive sales during 2025
Mobile apps are set to offer consumers personalised deals and offers
Increased competition may challenge supermarkets across the forecast period
Hypermarkets in Slovakia
KEY DATA FINDINGS
Hypermarkets record the strongest growth in grocery retailers, as consumers appreciate choice and variety
Tesco expands its retail e-commerce presence to increases its coverage
Deals and promotions from discounters and supermarkets challenge sales
Rising VAT is set to negatively impact sales from hypermarkets
Digital integration will focus on personalised content and gamification to engage consumers
Players focus on increasing their sustainable strategies and eco-friendly practices
Discounters in Slovakia
KEY DATA FINDINGS
Discounters benefit from offering value-for-money during a time of price sensitivity
Players focus on their e-commerce presence and smartphone apps to drive engagement
Lidl supports it Parkside range with a robust marketing campaign
Rising purchasing power will challenge sales from discounters as consumers reach for premium goods
New legislative measures are set to impact consumer spending during 2025
Biedronka announces plans to open in Slovakia, challenging Lidl’s position over the forecast period
Small Local Grocers in Slovakia
KEY DATA FINDINGS
Outlet numbers decline as the competition from modern grocery stores increases
Personalised shopping experiences and added-value products entice consumers
Local retailer 1st Day, continues its expansion plan while offering click-and-collect services
Specialised retailers are set to benefit from the premiumisation trend
Mobile stores are set to become popular in rural areas
Consumer sentiment will remain negative in 2025 as new taxes limit purchasing power
General Merchandise Stores in Slovakia
KEY DATA FINDINGS
Variety stores benefit from offering price friendly products during 2024
New players expand in variety stores, however, apparel retailers become rising competition
Consumer-to-consumer e-marketplaces are rising competition for variety stores
New players are set to enter the market, driving growth in general merchandise stores
Premiumisation and interest in sustainable attributes will shape purchasing behaviours
Retail e-commerce and affordable online marketplaces will become rising competition
Apparel and Footwear Specialists in Slovakia
KEY DATA FINDINGS
Deals and discounts become important tools to drive growth for apparel and footwear specialists
Consumer-to-consumer marketplaces become rising competition for apparel and footwear specialists
Pepco retains its lead while focusing on consolidation to enhance revenue
An increase in VAT will challenge sales for apparel and footwear specialists
Sustainable attributes are expected to drive sales as disposable incomes improve
Added benefits from retail e-commerce is set to support growth for the online channel
Appliances and Electronics Specialists in Slovakia
KEY DATA FINDINGS
Reduced spending on non-essentials dampens retail value growth in 2024
Nay's acquisition of Datart solidifies the players leadership position in 2024
Retail e-commerce challenges sales as consumers look for the best deals
Premium products and tech-savvy consumers will positively increase demand
A lack of new home constructions may challenge sales across the forecast period
Consumers may prioritise local businesses across the forecast period
Home Products Specialists in Slovakia
KEY DATA FINDINGS
Price deals and discounts drives sales during a price sensitive period
A slowdown in new home constructions dampens sales from home product specialists
Rising competition from retail e-commerce as consumers seek the best value
An increase in VAT and fewer housing projects is set to challenge growth in 2025
Pet stores and superstores will benefit from a rise in ownership and the pet humanisation trend
Premiumisation and a return to renovations will support long-term growth
Health and Beauty Specialists in Slovakia
KEY DATA FINDINGS
As consumers prioritise essentials, pharmacies perform well in 2024
A decrease in common illnesses leads to lower growth for pharmacies
Pharmacy chains lead the competitive landscape as Dr Max Holding retains its lead
New entrants are expected, increasing competition across the forecast period
Consumer buying habits are set to adapt as VAT increases are implemented
Automation in pharmacies may improve the customer shopping experience
Vending in Slovakia
KEY DATA FINDINGS
Tourism and strong employment drove sales of vending in 2024
Competition from forecourt retailers with extended opening hours challenges sales
Custom vending machines allow players to attract consumers
Increased tax on sugar and soft drinks will raise costs, impacting sales through vending
Health issues linked to smokeless products will challenge sales through vending
Semi-captive environments are set to install higher-end coffee machines, challenging vending
Direct Selling in Slovakia
KEY DATA FINDINGS
Rising price sensitivity dampens sales for direct selling
Competition from retail e-commerce players challenges sales in 2024
Avon and Oriflame retain the lead while improving their retail value share
Direct sellers adopt omnichannel sales models to compete against retail e-commerce
Direct sellers are set to increase their social media presence to boost sales
Players will look to offer eco-friendly products aligned with consumer demands
Retail E-Commerce in Slovakia
KEY DATA FINDINGS
Growth for retail e-commerce recovers in 2024 despite rising price sensitivity
Datart merges with Nay Elektrodom to create a new competitor in retail e-commerce
Players expand into retail e-commerce for food and drinks, which offers solid growth potential
Price wars are expected for 2025 as competition rises from neighbouring markets
Local players will focus on fast delivery and competitive pricing to compete against foreign e-commerce companies
Loyalty programs will become crucial for the success of retail e-commerce players
The following categories and subcategories are included:
Retail
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- Convenience Stores
- Forecourt Retailers
- Supermarkets
- Hypermarkets
- Discounters
- Warehouse Clubs
- Food/Drink/Tobacco Specialists
- Small Local Grocers
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- Department Stores
- Variety Stores
- Apparel and Footwear Specialists
- Appliances and Electronics Specialists
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- Home Improvement and Gardening Stores
- Homewares and Home Furnishing Stores
- Pet Shops and Superstores
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- Beauty Specialists
- Pharmacies
- Optical Goods Stores
- Health and Personal Care Stores
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- Bags and Luggage Specialists
- Jewellery and Watch Specialists
- Sports Goods Stores
- Traditional Toys and Games Stores
- Other Non-Grocery Retailers
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- Fashion Vending
- Health and Beauty Vending
- Appliances and Electronics Vending
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- Alcoholic Drinks Vending
- Hot Drinks Vending
- Soft Drinks Vending
- Tobacco Products Vending
- Foods Vending
- Home Products Vending
- Other Products Vending
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- Apparel and Footwear Direct Selling
- Personal Accessories Direct Selling
- Eyewear Direct Selling
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- Beauty and Personal Care Direct Selling
- Consumer Health Direct Selling
- Tissue and Hygiene Direct Selling
- Appliances and Electronics Direct Selling
- Drinks and Tobacco Direct Selling
- Foods Direct Selling
- Home Products Direct Selling
- Other Products Direct Selling
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- Apparel and Footwear E-Commerce
- Personal Accessories E-Commerce
- Eyewear E-Commerce
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- Beauty and Personal Care E-Commerce
- Consumer Health E-Commerce
- Tissue and Hygiene E-Commerce
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- Consumer Appliances E-Commerce
- Consumer Electronics E-Commerce
- Toys and Games E-Commerce
- Drinks and Tobacco E-Commerce
- Foods E-Commerce
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- Home Care E-Commerce
- Home and Garden E-Commerce
- Pet Care E-Commerce
- Other Products E-Commerce
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- First-Party (1P) Marketplace E-Commerce
- Third-Party (3P) Marketplace E-Commerce
- Grocery E-Commerce
- General Merchandiser E-Commerce
- Apparel and Footwear Specialist E-Commerce
- Appliances and Electronics Specialist E-Commerce
- Home Products Specialist E-Commerce
- Health and Beauty Specialist E-Commerce
- Leisure and Personal Goods Specialist E-Commerce
- Other E-Commerce Retailers
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Retail
Retail is the sale of new and used goods to consumers from a business for personal or household consumption from retail outlets, kiosks, market stalls, vending, direct selling and e-commerce. Retail is the aggregation of Retail Offline and Retail E-Commerce. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts. Also excludes fuel sales, foodservice sales, rental transactions, and wholesale sales (e.g. Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retail also excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, i.e. retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer that is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retail.
See all of our definitionsWhy buy this report?
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This report originates from Passport, our Retail research and analysis database.
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