Who Leads Serbia’s Non-Specialized Retail Sector?

Discover Which Companies Are Leading Serbia’s Non-Specialized Retail Market

This week we turn our attention to the Non-Specialized Retail Sector (NACE 471). A critical segment of Serbia’s consumer-driven economy, this industry is characterized by high-revenue market leaders, emerging mid-tier players, and a few high-margin outliers. In 2024, the sector comprised over 10,000 active firms, with total revenues exceeding EUR 6.1 billion, underscoring its significant impact on both urban and regional retail landscapes.

🔍 Key Insights from Our Analysis

✅ Top Valuation Leader
Delhaize leads the sector in both revenue and valuation, maintaining its dominance through scale and broad market penetration. However, its EBITDA margin of ~10% places it closer to the industry average, indicating moderate operational efficiency.

✅ Profitability
PEPCO emerges as the sector’s most profitable company, posting an EBITDA margin of approximately 22%.

✅ Revenue Growth
Štampa Sistem outperformed peers in year-on-year revenue growth, followed closely by PEPCO and Univerexport.

✅ Sector Structure
The sector displays a wide range of EBITDA margins, from as low as 2% to a high of 22%, reflecting differences in operational scale, product mix, and management strategies. Several mid-sized firms show promising growth and improving profitability, signaling potential for future revaluation.

✅ Valuation Drivers
As in many consumer sectors, valuation is heavily influenced by revenue size. However, our analysis reveals that profitability and recent growth trends play a growing role in shaping the financial landscape, especially among mid-market players.

📈 The Bigger Picture

Serbia’s non-specialized retail sector is a highly competitive and diversified space, where market dominance by revenue doesn’t always align with efficiency and financial performance.

While Delhaize maintains leadership by size, companies like PEPCO and Štampa Sistem illustrate how lean operations and rapid growth can drive strong financial outcomes, even without leading on revenue.

As margins tighten and consumer behavior shifts, operational efficiency, cost control, and adaptability will become even more critical to sustaining long-term success.

🔮 Looking Ahead

This analysis is based on historical financial data from FY 2024. As the retail industry continues to evolve with digital transformation, inflationary pressures, and shifting consumer preferences, we expect to see greater divergence in performance across the sector.