This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
From small-town outlets to an omnichannel empire that now rivals Allegro in online traffic, the chain is quietly reshaping Polish retail - investing in logistics, launching its own marketplace, and expanding into non-electronic categories. For a company long content to compete in the shadows of bigger rivals, the ambition is clear: to dominate not just electronics, but Poland’s retail landscape as a whole.
Media Expert is boosting revenues at a pace that has startled analysts. It is snapping up entire shopping centres to expand its footprint and pouring PLN 500 million into a new logistics hub. Online, it is muscling into fresh categories by launching its own marketplace. With revenues of PLN 21.5 billion, it now operates on a scale few competitors can match. “Media Expert has already left other electronics chains in the dust- and is now eyeing the position Allegro occupies in Poland,” says one industry insider.
Most consumer-electronics retailers in Poland can scarcely muster optimism. After a double-digit slump in 2023, the market shrank by a further 5% last year, according to the Central Statistical Office (GUS). The post-pandemic hangover—following the surge in tech purchases during lockdowns—is weighing on even the heaviest hitters, including RTV Euro AGD, MediaMarkt Polska, and Neonet (acquired this year by X-kom).
Media Expert, however, seems immune to the downturn. Over the past two years it has not only added PLN 6 billion to its top line but also improved profitability.
Almost PLN 2 billion (ca. EUR 460 million) in dividends in 7 years
In the 2024/2025 financial year, which ended in March, the revenues of Terg - the owner of Media Expert - rose from PLN 18.4 billion (around EUR 4.2 billion) to PLN 21.5 billion (EUR 4.9 billion). Operating profit increased from PLN 669.7 million (EUR 152 million) to PLN 896.7 million (EUR 205 million), while net profit climbed from PLN 509.3 million (EUR 116 million) to PLN 707.7 million (EUR 162 million). EBITDA exceeded PLN 1 billion (EUR 230 million) for the first time.
This double-digit growth is no fluke. It extends a trend that has held even as the company’s scale has ballooned. Since 2017, Media Expert’s sales have almost quadrupled, while operating profit has grown fivefold.
Interactive chart 
Fullscreen Media Expert’s earnings surge; RTV Euro AGD stays profitable; others fall behind
Interactive chart Fullscreen RTV Euro AGD, which generated even higher revenues at the start of this period, has merely doubled them by 2024, reaching PLN 11.2 billion (EUR 2.5 billion). Its operating profit, however, has halved over the same span, falling to roughly PLN 84 bn (EUR 19 bn). Other big-box chains are faring far worse: MediaMarkt and Neonet have seen substantial drops in sales and have slid into the red.
“Media Expert is performing exceptionally well, consistently increasing not only its revenues but also its profits. Its profitability is significantly above the industry average,” says Grzegorz Wachowicz, former sales and marketing director at RTV Euro AGD and former CEO of Sony Poland.
Over the past seven years, Terg has distributed a total of PLN 1.8 billion (EUR 414 million) in dividends. Only once - during the financial year ending just as the pandemic began—was the entire profit allocated to reserve capital. The main beneficiaries are the Grzebit family, the company’s majority shareholders, who rank 10th on this year’s “100 Richest Poles” list by Forbes, with assets exceeding PLN 6 billion (EUR 1.38 billion). Nearly 11% of Terg’s shares, however, are held by the company’s management.
Interactive chart Fullscreen PLN 500 million (EUR 115 million) for a single logistics center
Wojciech Konecki, president of APPLiA Polska - the industry association for household-appliance and HVAC manufacturers - expected Media Expert to expand, but not at this pace.
“I estimate - because, unfortunately, reliable market data are scarce - that the company already controls nearly half of Poland’s household-appliances market, which itself is growing at roughly zero. Conditions are hardly better in most other electronics categories. Against that backdrop, a 17.1% increase in revenue is an impressive achievement,” says Mr Konecki.
He is even more struck by the 34% rise in operating profit, which, he argues, shows that Media Expert is not chasing turnover at any cost.
“And it is doing this while undertaking massive investments. The logistics centre being built for the chain by Panattoni - covering 208,000 square metres - is a genuine colossus. The project launched this year in Łódź (central Poland) is worth PLN 500 million, around EUR 115 million. Even half that scale would be substantial,” Mr. Konecki notes.
Interactive chart Fullscreen Media Expert trails only Allegro and Temu in online traffic
Media Expert is pursuing a fully omnichannel strategy. Since the 2017/2018 financial year, the chain has increased its store count by half, reaching 598 outlets by the end of March. It now operates more than 600 stores - ranging from 300 to 1,600 square metres - in around 450 locations, with more openings in the pipeline. Despite this expanding bricks-and-mortar footprint, the company continues to grow its share of online sales (though it does not disclose precise figures).
The chain has also caused a stir in e-commerce. With nearly 12 million real users, it ranks third in Poland - behind only Allegro and Temu - and enjoys a comfortable lead over platforms such as Empik, AliExpress and Shein, according to Gemius/PBI Mediapanel. Its loyalty programme offers perks such as service discounts and free delivery on orders above PLN 40 (EUR 10).
Interactive chart Fullscreen For several years now, mediaexpert.pl has been selling far more than electronics. Its assortment includes sporting goods, toys, beauty and household products—and even groceries. Most striking, given the brand’s origins, is the rapid expansion into pet supplies, including food. Rivals are taking note: Maxi Zoo is preparing an aggressive expansion, while Pepco and others are increasing their focus on pet accessories.
“Media Expert is approaching saturation not only in household appliances but also in electronics. Expanding the assortment is therefore a natural step—especially as more products, such as scooters, have electronic variants,” says Wojciech Konecki. “I was skeptical when they began selling bicycles or baby food. I assumed these would be minor additions that might distract the company. Instead, it turns out that categories beyond electronics are becoming a meaningful source of revenue—and a tool for building customer loyalty.”
Interactive chart Fullscreen Interactive chart Fullscreen Outclassing the competition - and aiming higher
Several years ago, Grzegorz Wachowicz predicted that Media Expert’s ambitions would extend beyond competing head-to-head with RTV Euro AGD and other electronics chains. He was right.
“It outclassed them back in 2023, and it is now targeting the position Allegro holds in Poland. To some extent, it will inevitably siphon off some of Allegro’s turnover - consumers are not suddenly going to buy more. And Media Expert has several powerful competitive advantages,” the industry expert explains.
The first is its extensive brick-and-mortar network. With more than 600 outlets, the company sees physical retail as a robust foundation for further expansion. Each store supports growth in local online sales - a pattern also noted by other retailers, including LPP, the owner of Reserved and Sinsay.
“The crucial point is that Media Expert is going beyond merely opening stores. It is building its own network of retail properties, including retail parks. This effectively blocks competitors’ access to prime locations. In retail, location is everything. We see a similar strategy across any industry in which location determines success - think fitness chains or cafés,” Mr. Wachowicz adds.
Blocking prime locations with its own retail parks
Terg operates its property-development arm under the Aura Park brand. To date, it has completed 40 retail parks across small and medium-sized Polish cities - ranging from a few thousand to several thousand square metres. Four additional parks are now under construction.
For 2024–2025, the company plans to deliver new parks with a combined area of 72,000 sq m. The scale of such investment becomes clearer when set against recent transactions in the Polish retail-park market. Ares Management and Slate Asset Management jointly paid EUR 300 million (about PLN 1.3 billion) for 36 parks from the Trei Real Estate portfolio. Shopper Park Plus, meanwhile, acquired eight parks - totalling roughly 210,000 sq m - for around EUR 195 million.
By acquiring a retail park in a town of several tens of thousands of people, Media Expert effectively shapes the entire local retail landscape, choosing operators in each category. “For years, it struggled to enter Poland’s largest cities because RTV Euro AGD and MediaMarkt had locked up prime locations,” says Grzegorz Wachowicz. “So Media Expert focused on small and medium-sized towns, ‘encircling’ major metropolitan areas. It came to dominate these markets and now ensures that competitors cannot threaten its position there.”
He notes that the chain has expanded more broadly into big cities only in recent years. Even there, it tends to choose locations with relatively lower footfall—but succeeds thanks to highly efficient logistics, including rapid home delivery.
Traditional retail skills pay off online
Mr. Wachowicz also highlights several other advantages the electronics giant holds over online marketplaces. He notes that although Allegro has set the benchmark for quality in Polish e-commerce - commanding roughly one-third of the market - Media Expert is rapidly catching up.
“It is remarkably adept at copying and refining the most successful solutions developed by others. The company has built very strong capabilities in online retail. Its user experience is on par with the best in the market, and it has brought highly sophisticated inventory-management practices from traditional retail into e-commerce,” he says.
He stresses that retail profitability would be simple—were it not for the challenge of selecting the right products and keeping the warehouse stocked with items that actually sell. Every misstep eventually requires markdowns, eroding margins.
“Media Expert is exceptionally strong in this area. That is why I am convinced it will become Poland’s undisputed omnichannel leader. It is only a matter of a few years. Even without entering entirely new product categories, it could easily double its revenues and surpass PLN 40 billion (EUR 9.5bn),” Mr Wachowicz predicts.
Expert's perspective
Media Expert at the top of Polish e-commerce
Media Expert’s shift toward a marketplace model reflects a broader trend in the sector. MediaMarkt, Castorama and Leroy Merlin have all taken similar steps in recent months. For Media Expert, however, this is more an evolution than a revolution: it has long offered a broad selection of non-electronic goods online, including toys (it ranked among the top ten online retailers in this category in 2024), household chemicals and DIY products.
Non-electronic categories already account for a substantial share of the company’s revenues. Our latest survey, conducted in November, indicates that more than four in ten consumers purchase non-electronic items from retailers that primarily sell electronics and household appliances. This suggests that Media Expert’s development strategy aligns well with actual shopping habits—rather than being a speculative experiment.
The growing number of e-stores adopting the marketplace model shows it is a natural way to broaden assortment without tying up capital in inventory, while also making better use of existing web traffic.
Yet the approach carries risks. Consumers increasingly feel overwhelmed by vast catalogues filled with repetitive listings, and global data point to declining conversion rates on large trading platforms. For companies that combine a traditional e-store with a marketplace, an additional challenge is preserving brand coherence and maintaining customer trust.
“If they can make money at low margins, they will keep making them at higher ones”
The expert notes that Media Expert originates from one of the toughest segments of retail - one where many players struggle to achieve a gross margin of even 30%. Many would prefer fashion-industry levels of 50–70%. Marcin Grzymkowski, for example, learned this the hard way when, after leaving eObuwie, he launched the sports e-store Sportano.
“In electronics, those kinds of margins are simply unattainable - mobile devices and computers often generate single-digit margins. If Media Expert can earn strong profits under such conditions, it will perform even better in categories with healthier margins,” says Grzegorz Wachowicz.
This, he argues, makes the company’s move into new product categories entirely logical - especially because doing so allows it to generate traffic more cheaply.
“Media Expert now appears at the top of search results across all major categories. Two indicators are crucial in retail: the cost of acquiring a customer (CAC) and the customer’s lifetime value (CLV). By broadening its assortment and, above all, encouraging consumers to use its app, Media Expert is effectively increasing how much customers spend with the brand,” Mr. Wachowicz adds.
The next step in e-commerce: Its own trading platform
Media Expert is not stopping at traditional e-commerce. In September, it opened its platform to external sellers, allowing, for example, the sale of jewellery alongside its own products.
This move will reshape the company’s revenue model. Direct sales will now be supplemented by commissions from partners, creating a new GMV metric—the total value of transactions on the platform. By way of comparison, between 2019 and 2024, Allegro’s GMV in Poland rose from PLN 22.8 billion (EUR 5.4bn) to PLN 60.7 billion (EUR 14.3bn), while revenues grew from PLN 2.6 billion (EUR 0.6bn) to PLN 9.5 billion (EUR 2.2bn).
“Launching its own trading platform is a natural progression,” says Grzegorz Wachowicz. “It gives partners access to an existing customer base in exchange for pure profit through commissions. It also expands the product range while limiting risk. Media Expert can focus on best-sellers, leaving other categories to partners, who assume the risk themselves. Operating each new category in-house would require additional teams and thousands of square metres of extra space.”
Mr. Wachowicz expects the platform to broaden further. Soon, he predicts, it may be possible to purchase almost anything - even Chinese car brands. “They are well suited to e-commerce. Their configurations are far simpler than, for example, German models, making it easy to compare and buy without an adviser. It once seemed that buying a computer required a specialist store. Now, within a short time, such products are available even in grocery discount outlets,” he adds.
Fireside chat
Allegro is not relenting in electronics
XYZ: How do you assess Allegro’s position in e-commerce within Poland’s consumer-electronics sector?
Jacek Weichert, Director of Consumer Electronics and Re-Commerce at Allegro: We remain the first choice for online buyers of consumer electronics. Our platform is based on the 3P model [third-party sellers], which means our strength reflects the diversity and quality of our partners. Thanks to this synergy, we account for roughly 37–38% of Poland’s online electronics market by value. In the key RTV segment, one in four TVs purchased online in Poland comes from Allegro.
Despite growing competition - from specialized vertical players, such as Decathlon in sports, and Chinese platforms - we offer unique value. It is difficult to replicate because it stems from our unrivalled scale, the breadth of our product range, and the convenience we offer shoppers. We remain the default starting point for consumers in online retail. According to the latest Customer Journey 2025 report, 36% of all e-consumers begin their shopping journey on Allegro, and seven out of ten platform shoppers choose us.
XYZ: How important is consumer electronics compared to other categories?
It is a core category—the largest by value and one of the most mature. After a period of rapid e-commerce growth in 2021, the sector has maintained steady year-on-year expansion, which is now accelerating. In the first three quarters of 2025, GMV for new products grew by 11% year on year. The computer and console segment is expanding particularly fast, driven by new graphics cards and rising demand for RAM linked to the adoption of AI tools.
Consumer behaviour confirms this importance. According to SW Research, 73% of men and 67% of women are keen to buy electronics online. Data from Danae shows that 56% of consumers planned electronics purchases during “Black Week,” while half of all e-consumers prefer to buy electronics on sale. Poles are investing more in home entertainment: 28% have purchased items such as TVs, consoles, soundbars or projectors since the pandemic, and 39% of these buyers are increasing their budgets. These figures highlight both the size and growth potential of the category.
XYZ: What are Allegro’s main competitive advantages compared with players such as Media Expert?
First and foremost, our scale and unmatched product range. In electronics alone, we offer around 10 million unique products, many backed by a lowest-price guarantee - particularly important in the high-ticket segment.
We have operated the platform for over 25 years, giving us deep insight into the needs of buyers and sellers. We also provide solutions that are unique in the region and enhance convenience, including Allegro Smart!, Allegro Protect, Allegro Pay, and Allegro Delivery. The combination of a broad selection, competitive pricing, and integrated financial and logistics services makes shopping simple and secure.
We are also strongly focused on recommerce - used and refurbished products - which is key to sustainable development. Our new programme, launched in October, enables users to resell used equipment to our partners, further strengthening the Allegro ecosystem and differentiating us from competitors.
Chinese JD.com poses the greatest threat
Mr. Wachowicz sees the expansion of the Chinese e-commerce giant JD.com as the biggest challenge facing Media Expert. The company’s founders were once highly concerned about Amazon entering Poland, but the worst-case scenario never materialized - they were well prepared. Now, attention is turning to JD.com, which is investing in the German group Ceconomy. The deal, valuing the owner of MediaMarkt at EUR 2.2 billion (over PLN 9 billion), is expected to close in the first half of 2026.
JD.com is unlikely to enter Poland immediately after the transaction, but its potential is considerable. “Media Expert has quietly hoped for some time that the German chain might withdraw, allowing it to take over prime locations in the largest cities. With a new investor, however, MediaMarkt could well go on the offensive,” Mr. Wachowicz notes.
The industry is likely to undergo some reshuffling. He expects that X-kom will eventually look to sell Neonet. RTV Euro AGD, if it cannot reverse the negative trends of the past two years, may also consider strategic options.
“The pace of change in the sector will depend on overall market conditions. Any crisis tends to expose weaknesses that are not immediately apparent. Media Expert, however, is well positioned to weather such a scenario,” argues Mr. Wachowicz.
The time will come for international expansion
Wojciech Konecki also highlights the threats posed by JD.com and the potential impact of generative artificial intelligence (GenAI) on retail.
“Media Expert has already weathered many storms. It has faced intense competition, including from abroad, and kept pace with new developments. There is still room for growth within Poland. Yet it is natural to ask whether the company will eventually venture into neighbouring markets. It certainly has the potential. I recently returned from Brussels, and I must say that Polish retail chains have little to be ashamed of - they are often trendsetters,” says the president of APPLiA Polska.
Grzegorz Wachowicz, however, does not expect Media Expert to expand internationally in the near term, even though it could afford to.
“The company already generates roughly PLN 1 billion (EUR 236m) in EBITDA, and net profit is approaching the same level. With resources like that, a lot is possible, as demonstrated by the scale of its investments. Foreign acquisitions could be an option, and I think this is more likely than building a brand from scratch abroad. But cultural and consumer differences between countries complicate matters, and Media Expert still has plenty to do in Poland,” he emphasizes.
According to the Expert: Electronics Are Losing Their Dominance at Media Expert
Expert's perspective
There is still room for growth in online spending in Poland
“There is still room for growth in online spending in Poland - we remain a few percentage points behind Europe’s e-commerce leaders,” the expert notes. Poland is also undergoing a generational shift in shopping habits. Consumers no longer simply choose between physical and online stores - they are increasingly selective about which stores they visit. Analyses show that shoppers are willing to explore new platforms, demonstrating a strong openness to change.
The expansion of Chinese platforms, along with the adoption of the marketplace model by companies such as Media Expert and Castorama, underscores the importance of perfectly timed offers and the ability to create purchasing demand. Customers are ready to return to new shopping destinations as long as their first experience is positive.
The experience of Allegro and Chinese platforms shows that consumers are keen to buy gadgets, fashion, home furnishings, and décor from new destinations, but they still turn to domestic leaders for considered, planned purchases. Interestingly, this group spends almost twice as much online at When U Buy as Allegro’s most loyal customers. The emergence of new platforms has therefore expanded the overall scale of e-commerce spending.
Key Takeaways
- Finance
Media Expert is expanding at a double-digit pace in a market that is otherwise shrinking. Over the past seven years, its revenues have nearly quadrupled, reaching PLN 21.5 billion, while operating profit has grown fivefold to PLN 896.7 million. During this period, the company recorded a total net profit of almost PLN 3 billion, of which nearly PLN 1.8 billion was paid to shareholders as dividends. The vast majority of shares are held by the Grzebit family, which Forbes ranked 10th in this year’s “100 Richest Poles,” with assets exceeding PLN 6 billion. - Expansion
The chain has increased its store network by 50% over seven years. It now operates more than 600 outlets, ranging from 300 to 1,600 square metres, across roughly 450 locations. Initially, Media Expert focused on small and medium-sized towns, as RTV Euro AGD and MediaMarkt had blocked prime locations in larger cities. By dominating the outskirts of major agglomerations, it carved out a strong foothold. Today, the company is moving into Poland’s largest cities and building its own retail parks, effectively limiting competitors’ expansion opportunities. - E-Commerce
Media Expert is developing a fully omnichannel sales model. Its share of online revenues continues to grow year on year. For years, the company has expanded its assortment in direct sales, and in September it opened its platform to external sellers. This allows customers to purchase an increasingly wide range of non-electronic goods, from pet food to jewelry. In doing so, Media Expert is beginning to challenge Allegro’s dominance in Poland’s e-commerce market.