The postal market is one of the most developing markets in Greece, with an annual growth rate of approximately 6.6% each year – from 564 million euros in 2019 to 770 million euros in 2024. In this market, courier company ACS managed – with a turnover of 110 million euros in 2019 – to exceed 158 million euros in 2024, recording 34.6% growth and creating a company worth 350 million euros. What did ELTA do during the same period, with its dominant position in the Greek market, a history of over 190 years, one of the country’s strongest brands, and approximately 63% market share in 2019? They managed to drop from a turnover of 355.6 million euros in 2019 to 249 million euros in 2024 – losing one-third of their business turnover – holding only 32% of the market today. It should be noted that 17% of the turnover was lost within the last three years. The company’s value, with negative equity of 140 million euros, is at least -250 million euros, while it received 280 million euros as a state bailout in 2020.
Read: ELTA: These are the 46 stores closing from today, Monday November 3
According to ELTA management’s claims, letters are decreasing. Correct. However, postal services include not only letters but also packages and financial services. The decline in letters has been observed for at least 20 years, while the rapid increase in packages and financial services – driven by online shopping – has occurred in the last decade and accelerated rapidly in the post-Covid era. The infrastructure and resources for selling, managing and delivering packages are shared with those for letters: postal stores, sorting and distribution centers, transportation, human resources. And ELTA has these to the best degree among all competitors.
ELTA: In 2023, a total of 143 stores were closed
Additionally, financial services require an extensive network of stores. Today, when banks have closed most of their provincial branches, ELTA could take on banking operations on their behalf. Isn’t this why the recent cooperation with Alpha Bank didn’t happen? But why wasn’t there an effort to develop packages and financial services and consequently increase the company’s competitiveness, as evidenced?
It should be noted that in 2023, a total of 143 ELTA stores were closed, in addition to today’s closure of another 46 and plans for permanent closure of another 158 (total of 204 within 2025). Many blame the current management under Grigoris Sklika (photo) for lack of a rescue plan. However, employee union representatives don’t escape criticism either, being accused of troubling silence, as while stores are closing en masse, they simply proceeded with an announcement.
