Investment & Fund Management

Smile Pharmacy, a family-owned business in Glyfada, Greece, faced significant challenges in adapting to rapidly changing consumer attitudes and market dynamics. As consumer preferences shifted towards more value-for-money options, the pharmacy recognized the need to enhance its service offerings. In November 2013, they launched an e-shop to sell cosmetics, para-pharmaceutical products, and food supplements, which resulted in a substantial increase in sales. This growth necessitated a strengthening of their back-office operations, including supply chain management, accounting, and marketing.

To support this expansion, Smile Pharmacy sought financial assistance from the National Bank of Greece, which provided a loan backed by the European Investment Fund (EIF) under the EU’s Investment Plan for Europe. This financial support allowed the pharmacy to improve cash flow, rent larger storage facilities, and automate various business processes. As a result, they were able to maintain their workforce during a challenging economic period in Greece and even created four new job positions, bringing their total staff to 21, including three pharmacists.

The e-shop has become a significant revenue stream, accounting for approximately 60% of the pharmacy's sales, and has positioned Smile Pharmacy to reach clients beyond Greece. This strategic move not only solidified their market presence but also laid a strong foundation for future growth.