BMI View: The sale of Zabka to CVC comes at a crossroads in the Polish mass grocery retail market. On the one hand, therngovernment has passed or is contemplating a number of policies that would make the operating environment more difficult forrnretailers, including taxes and minimum wage increases. However, we believe this will be more than offset by the increasinglyrnwealthy Polish consumer, as rising disposable incomes will favour convenience stores like Zabka.
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