“2020 was an unpredictable and challenging year. Overnight we found ourselves in a different reality that challenged us to take steps on the go to adjust the business and respond to the new needs of our customers. The movement restrictions, which translated into fewer store visits, were the biggest challenge,” Cora officials say.
The crisis caused by the COVID-19 pandemic hurt hypermarkets – the market Cora operates on, more than other retail formats. At first such stores, which carry more products and are bigger, got more attention from people looking to stock up on supplies. Things then returned to normal. Moreover, during the lockdown the authorities recommended people to go shopping near their homes, so they went to supermarkets, discount or convenience stores.
Cora has not expanded in the last few years, including 2020, so it has yet to eat market share from smaller or larger actors.
However, despite the pandemic, Cora returned to profit in 2020, after two years of RON40 million cumulated losses. Net profit stood at more than RON5 milion last year.
(English version by Loredana Fratila-Cristescu)