Retail giants stride ahead.
Fonction | Financial News |
Switzerland's two biggest retailers Coop and Migros continued to grow in 2003 despite sluggish market conditions.
Coop announced a 5.6 per cent jump in sales last year, bringing it closer to its rival, Migros, which saw sales nudge up by one per cent.
Migros announced that its overall sales jumped to CHF20 billion ($16.4 billion) in 2003. But the market leader also reported a slump in business at its department stores and at its travel subsidiary, Hotelplan, where sales plunged by CHF368 million to CHF1.7 billion.
The Swiss Retail Federation (SRF) said the two market leaders had both benefited from expanding their stores. Coop expanded its sales surface by almost nine per cent last year following the acquisition of Waro and EPA stores.
But Coop stressed that size wasn't everything...
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