Taxes and Laws Force Delhaize Group out of Hungary
The Belgian retailer Delhaize recently exited the Hungarian market due to a new tax in the country. This “special retail tax” impacts foreign retailers only, and combined with increasing competition in the retailing market, forced Delhaize’s three brands, Cora, Math and Profi, to sell their property to other retailers. The exit comes at a good time for retailers in Hungary seeking to expand their network as growth has been limited due to Hungary’s “Plaza Act” – a law passed in 2012 restricting the building of new outlets larger than 300 square meters.
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