The main issue under investigation is the risk that the market’s largest player could strengthen its dominant position. Following the first phase of the review, Moldretail Group was unable to allay the regulator’s concerns regarding a potential restriction of competition both in the food retail sector and in the market for retail chain procurement.
Today, Moldretail Group already owns the country’s largest retail chains—Linella, Fidesco, Bravo, Cip Market, Slavena Megamarket, Fourchette, Toto, as well as the Nuca coffee shops. By the end of 2025, the company had increased its revenue by 25%—from 11.6 billion to 14.5 billion lei—opened 75 new stores, and expanded its network to 320 retail locations nationwide. The group’s assets grew by nearly 1.3 billion lei over the year—to 4.8 billion lei—and its workforce exceeded 7,000 people.
In terms of sales volume, Moldretail Group ranks first among the top five supermarket chains. It is more than twice as large as its closest competitor, Imensitate (which owns the Local, Bonus, Foxy, and Primul chains), whose revenue in 2025 amounted to 7.2 billion lei. The rest of the top five are Supermarket Nr. 1 (3.5 billion lei), Kaufland Moldova (3.4 billion lei), and Metro Cash & Carry Moldova (3.2 billion lei). Against this backdrop, Moldretail Grup, with nearly 16 billion lei in revenue, is the undisputed leader, while focusing on extensive growth. Last year alone, it opened nearly a hundred retail outlets across Moldova, and it doesn’t plan to stop there.
Given this market consolidation, the regulator fears that the acquisition of Merci will further strengthen Moldretail Group’s position. The Competition Council points out that in certain regions of the country, the combined chain could gain a dominant position not only in retail trade but also in the procurement of food products for retail chains.
Another risk relates to suppliers. According to the regulator’s assessment, some manufacturers that have worked with the Merci chain but do not do business with other Moldretail Group stores may lose their sales channels once the deal is finalized. This could increase suppliers’ dependence on the country’s largest retailer and reduce their bargaining power.
At the same time, the Competition Council emphasizes that the launch of the second phase of the investigation does not imply a finding that the transaction is unlawful. An in-depth analysis is needed to assess all the consequences of the merger. In accordance with the law, Moldretail Group has the right to propose a set of commitments that would eliminate the identified competition risks and preserve the possibility of completing the transaction.
It should be noted that the acquisition of Honest Company was announced in June 2026. It involves bringing the Merci chain of stores under the control of Moldretail Group through the acquisition of 100% of the company’s share capital. If the transaction is approved, Moldova’s largest grocery retailer will further strengthen its position in a market undergoing a period of rapid consolidation. In 2025 alone, 16 chains opened 220 new stores, compared to 142 the previous year. Moldretail Group and Imensitate accounted for about 60% of all new retail outlets in the country.
