Analysis of business performance of FMCG retail chains in the Republic of Serbia: Comparison with global retail chains

FMCG retail chains constitute an indispensable part of the overall supply chain. Through their assortments and pricing, they directly influence the quality of life and the standard of living of the entire population. Since they play a key role in meeting the basic needs of a growing urban population, and because they maintain direct contact with the final consumer, these chains are often under close public scrutiny. What profit margins do FMCG retail chains achieve in Serbia? To what extent are these chains leveraged? What inventory turnover rates do retail chains achieve? What are the margin levels of retail chains in the Republic of Serbia? How are domestic retail chains positioned in relation to foreign/global chains? Through the analysis of profitability, sales effectiveness, leverage, cost-effectiveness, liquidity, and margins, the authors have attempted to provide answers to these, and other questions related to the operations of FMCG retail chains in the Republic of Serbia. The analysis includes 15 large FMCG retail chains in the Republic of Serbia, selected as representative based on their turnover, number of stores, and geographic coverage. The analysis of the business performance of domestic chains was conducted for the 2023 and 2024 financial years, while the comparative analysis of domestic versus global chain performance was carried out for 2023, in accordance with the availability of relevant data. The comparative analysis includes the performance of 10 leading global FMCG retail chains. Considering that domestic retail chains have been subject to mass consumer boycotts (January 2025 and February 2026) and regulatory inspections (September 2024) over the past two years, the topic is both timely and highly relevant from both academic and practical perspectives. The objective of this paper is to assess the performance of leading FMCG retail chains in the Republic of Serbia and to compare it with the performance of global FMCG retail chains.