🌍 Market Retreat
Glovo announced it will no longer operate in Slovenia and Ghana from May 10. This decision is part of a strategic restructure. In Slovenia, Wolt by DoorDash will become the top delivery service. Glovo has been in these markets since 2021 after acquiring local businesses.
📉 Cutting Losses
The company also plans to reduce the number of its dark stores. These are specialized warehouses for online shopping that haven't been financially successful. Glovo aims to close stores not reaching a positive EBITDA, focusing on profitable operations.
🌐 Global Presence
Glovo continues to operate dark stores in 64 cities across 11 markets. Overall, the company is active in 23 countries, reflecting a broad international footprint despite the recent market exits.
📊 Financial Commitments
Glovo has invested $30M in its African operations alone, showing significant commitment to its markets. However, the closures indicate a pivot towards more sustainable ventures within its global portfolio.
What's your take on Glovo's market strategy?
