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Retail giants such as Spar, Aldi and Tesco may quit Hungary this year
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Tamás Kozák, general secretary of the National Association of Traders (OKSZ), remarked in a recent interview that such a decision would not be taken in Budapest. Yet in a country where anti-multinational rhetoric runs rampant and expected profits fail to materialise, thanks to special levies and price caps, it could well happen. Tesco, Spar, and Aldi have previously reported staggering losses in Hungary, though Lidl, by contrast, remains in the black.
OKSZ chief sounds the alarm
Viktor Orbán never misses an opportunity, at every forum, to boast that his government funds family protection schemes, family support, and utility bill cuts by extracting “excess profits” from banks and multinationals. A moot point, of course, whether this so-called “excess profit” (or windfall tax, if you prefer) bears scrutiny in any ledger—and to what extent the multinationals pass these extra taxes on to shoppers (experience suggests they do).
The OKSZ chief spoke more candidly still about the very real risk that a multinational on the scale of Tesco or Spar could pull out of Hungary within the next two or three years, driven by the hostile climate and paltry returns. He added that any such verdict would emanate not from Budapest, but from head office.
In his view, the departure of any firm would cramp competition and, ultimately, harm consumers. This rings especially true when set against the dubious blessings of the Russian Mere chain’s arrival in Hungary, which could scarcely compensate for the loss of a Spar or Aldi in terms of customer experience or product range.
The general secretary roundly condemned the government’s price caps, branding them a toxic policy that does the public no favours.
VAT – it’s “abusive” level, being 27% in Hungary, the HIGHEST in the European Union.
Victor Mihaly. Orban and his Fidesz Government through a “double” dipping process in application of taxes in Hungary – personal and “other” the VAT “exploitation” application on Hungarians and the subject matter of this article personifies the WRONGFULNESS again of the Economic & Financial Policies of Orban and his Fidesz Government.
Don’t forget the name Mihaly Varga – former Minister of Finance his LEGACY of FAILURE as Finance Minister of the Fidesz Government that has been a major contributor through his incompetence – to the “worsening” state of the economic and financial outlook of Hungary.
Orban & Varga – continues to be “Big Pictured” to Hungarians – to Europe, the European Union and the Global World through their financial and economic policies – they got it ALL wrong.
Hungarians in millions individually over the course of (16) sixteen years never forgetting Orban/Fidesz first time in POWER combined being (20) twenty years – the PRICE Hungary has PAID through the name Victor Mihaly. Orban & Mihaly Varga the present wrongful Governor of the Central Bank of Hungary.
WHAT of their Legacies to Hungary post Spring of 2026 National Elections which should see Victor Mihaly. Orban – the Political Party name of Fidesz “outed” from being the Government of Hungary.
NEVER x2 – to be Appeased – never.
Yawn.
They say that literally every single year; yet, here they still are.
You beat me to it!
You missed the part about waiting for the results of the election. It’s not a decision you make overnight winding down a chain of operations. This is simple economics. These are businesess and businesses are not in the business of forever losing money. They will pull the plug if Fidesz stays in power and does not immediately reverse its’ discrimnatory policies that make them lose money. Anyone who can’t understand that logic needs to go back to elementary school.
Poor multinationals not making enough profit? Tesco made €800 Million profit last year!!!