Annual Report 2023

Outlook for the Jerónimo Martins businesses


Despite expecting average salaries to grow and private consumption to show some recovery in 2024, cost inflation will remain high and basket inflation will be very low or even turn negative. This will challenge the Company to further improve productivity and efficiency, while keeping its main priorities unchanged, standing by the Polish consumers and reinforcing price leadership in the country.

In 2024, Biedronka will maintain price competitiveness at the centre of its strategy, continuing to guarantee the quality of its value proposition, remaining relevant to Polish families, and fighting for sales in volumes to protect profitability in a context of pressure on operating costs.

The Company will continue to execute its investment plan and focus on the expansion and refurbishment of the store network, in order to provide Polish consumers with an improved shopping experience.

It will also keep investing in operational efficiency measures and improving customer service, namely with self-checkouts, meat & delicatessen counters, photovoltaic panels, and proximity stores, while optimizing the supply chain and logistics.

The banner will leverage on the initiatives already started, developing its digital presence on the ecommerce channel and the mobile app to build increasingly personalized consumer relationship and improve customer loyalty.

2024 will also be the year in which Biedronka will start its internationalization, opening the first stores in Slovakia.


With a value proposition that is now well known and appreciated by the Polish consumer, and enthusiastic with the launch of its international projects in the past two years, Hebe will continue its path to become the reference player in the Beauty sector in Central and Eastern Europe, with a leadership position in digital channels.

The Company is focused on continuing to improve sales and profitability in Poland, growing its omnichannel presence, while investing in future growth. Consolidation of growth in Czechia and Slovakia will be a priority for 2024, while preparing the Company for new opportunities.

Pingo Doce

Pingo Doce intends to continue enhancing its proximity value proposition and offering the best savings opportunities to its customers. As such, investment in prices, promotions and loyalty programmes will be a priority.

To modernise its store network and improve the customer shopping experience, Pingo Doce will continue to implement its remodelling plan around the new concept – more modern, digital, brighter, spacious, sustainable and inclusive stores – maintaining the pace of expansion at the level of previous years.

For 2024, the banner’s commitment to digital transformation and sustainability will continue, always bearing in mind its commitments to people, communities and the planet in all business decisions.


Recheio will continue to refurbish its store network to improve the customer shopping experience and service level, and to increase its competitiveness throughout the year with various dynamics to meet the needs of its customers.

In 2024, new opportunities will be developed in Meal Solutions for the HoReCa channel. Food Service will remain a priority area and the banner will continue to build on the partnership with Amanhecer proximity stores in the traditional retail channel.

The Company will continue the digital transformation strengthening its value proposition and its positioning with its customers.

To improve efficiency and continue contributing to the preservation and enhancement of natural resources, Recheio will invest in sustainable initiatives, prioritising store operations and its Private Brand.


In 2024, the banner will continue to focus on price leadership and the development of its assortment to increasingly adapt to the needs of Colombian families and continue to grow its customer base, positioning itself as the go-to proximity store.

Ara will remain committed to supporting Colombian families, and to earning the confidence and loyalty of the neighbourhoods in which it is established.

Expansion of the store network will continue to be a priority, with a dynamic pace in line with its long-term vision in terms of market potential and the suitability of its business model.

Jerónimo Martins Agro-Alimentar (JMA)

The challenges that lie ahead continue to be identifying sustainable production models, thereby ensuring the Group is supplied with the highest quality products.

Thus, in 2024, with JMA celebrating its 10th anniversary, the goal of entering new market segments is more important than ever, exploiting the marketing potential of its products and harnessing the production capacity and knowledge that has since been acquired.

Capitalising on excellent quality, a significant increase in production volumes and a dynamic brand presence, JMA’s business areas will become increasingly important to the Group, while we continue to explore new market opportunities.

Jeronymo and Hussel

Jeronymo will continue to focus on optimising its assortment to ensure a diversified offer adapted to the store’s surrounding environment. The company will focus on strengthening its positioning and identity, concentrating on communication in the digital and in-store channels, and on making its operations more efficient.

Hussel, in turn, focused on improving operational efficiency and creating different in-store environments, will continue to invest in special occasions (with themed campaigns) and personalisation as differentiating factors. The banner intends to use different digital communication platforms to reach different target audiences (Facebook, Instagram, Tik Tok and LinkedIn).


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