Dutch supermarket chain Jumbo abandons its ambition to have one hundred supermarkets in Belgium by 2027 (which in itself was already a recently delayed deadline). The retailer admits that sales are lagging in some stores and that margins are under pressure, but denies a possible departure from Belgium.
Slower pace
Things are not going as smoothly as hoped for Jumbo in Belgium: rental and wage costs are higher than initially anticipated and net margins are under pressure, temporary CEO Ton van Veen and CFO Peter van Erp told Belgian newspaper De Tijd. The Dutch supermarket chain now says it prefers to grow at a slower pace: the goal still remains to have 100 stores in time, but the company no longer attaches a deadline to this.
