mer, Jan 10th 2024
Migros Zurich: Thriving Amid Challenges Impressive Sales Surge
In a year marked by economic challenges, Migros Cooperative Zurich (GMZ) has emerged stronger, posting a significant sales increase. The supermarkets and restaurants under GMZ have shown remarkable growth, contrasting the downturn experienced by its specialty stores in 2023.
GMZ’s turnover soared by 3.6 percent, reaching 2.64 billion Swiss francs. This surge is attributed to the inflationary pressures from the 2022 energy crisis, which impacted energy, raw materials, and food prices. Supermarkets were the standout performers, with a 4.9% increase in sales, totaling 2.16 billion Swiss francs. Notably, the Alnatura organic stores experienced a 7.6 percent rise in sales, benefiting from the addition of three new stores.
The gastronomy sector of GMZ witnessed the most substantial growth. Recovering from the impacts of the coronavirus years, this sector’s turnover jumped by 12.1 percent to 138.7 million francs.
However, it wasn’t all positive news. The non-food stores of GMZ, including brands like Do it + Garden and OBI, faced a 10.6 percent decline in sales. This downturn is linked to structural changes in the non-food market. In response, GMZ has integrated the M-Electronics range into supermarkets and closed the OBI DIY store in Affoltern am Albis.
Beyond the Cooperative, GMZ’s other ventures like Movemi fitness group and the Ospena gastronomy group also contributed to its success. The German food retailer Tegut, part of GMZ, grew by 2.4 percent, reaching sales of 1.28 billion euros. The entire GMZ Group’s sales amounted to CHF 4.15 billion, a 2.9% increase, maintaining its position as the top Cooperative within the Migros Group.
In the coming year, GMZ plans to enhance its local supply network. This includes launching two VOI small store concept branches and opening two more Alnatura stores in 2024.
©Keystone/SDA
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