Paul Foley, a representative of the European Bank for Reconstruction and Development (EBRD) on the Voli Board of Directors, discussed the company’s growth and strategic focus in an interview with Bankar. He highlighted Voli’s ongoing efforts to develop new store concepts and improve collaboration with local producers to offer the freshest products and maintain low, stable prices for customers.
Foley emphasized that the biggest challenge in Montenegro’s retail market is not competition, but the need for the entire country to unite in attracting and retaining tourists, which is vital for economic growth. As a key figure in Voli’s strategic direction, he praised the management team for continuously introducing new ideas that add value for customers and create a positive working environment for employees.
In assessing Montenegro’s retail market, Foley noted that while it’s stable, growth is slow and highly dependent on the summer season, largely due to tourism. He stressed that the country must work together to provide a world-class tourist experience to stay competitive in the region.
Regarding consumer concerns over prices, Foley explained that Voli is focused on efficiency and reducing operational costs. The company works closely with local and international suppliers to improve productivity, reduce costs, and pass savings on to customers. He believes Voli has successfully navigated recent global challenges such as the pandemic and inflation, ensuring that it remains competitive.
Foley also spoke about Voli’s importance to Montenegro’s local agriculture, particularly its partnerships with local farmers. These collaborations not only provide fresh products for consumers but also support the local economy by creating jobs and fostering long-term business relationships.
Looking forward, Voli plans to further develop its store concepts, with new formats emphasizing fresh baked goods, ready-to-eat meals, and locally sourced products. Recent store renovations and new openings in key locations are part of this strategy.
On corporate governance, Foley praised the transparency and sustainability efforts Voli has undertaken since EBRD’s involvement, including energy-saving initiatives and employee education programs.
Finally, Foley advised that for Montenegro to achieve significant economic growth and increased employment, it should focus on becoming an attractive place for living, working, and doing business, promoting stability, unity and a positive image abroad.
