The Nanou Donut effect: Greeks are finding new business models

Nanou

With the protracted-crisis environment becoming the new normal, Greeks are adapting in creative ways. One big change is a host of new business models, from farmers selling direct to consumers to retailers selling clothes by the kilo. A great example is the success of Nanou Donuts.

Nanou Donuts was focused on wholesale until its founder, John Nanou, decided to do something about the many requests to help unemployed people get a job selling doughnuts. His business model: Provide doughnuts at ultra-low prices to small outlet stores manned by previously unemployed people. The catch: The shops—usually in previously shuttered empty properties—are open only from 7 p.m. to 9:30 p.m., when the fresh doughnuts are produced. Nanou then provides these to the outlets with an extremely low margin, enabling them to sell high-quality doughnuts for as little as 60 cents. They have become the craze, with queues often forming outside the small shops and sales records being broken, with many of the shops selling more than a thousand doughnuts during their brief opening hours.

Photo Credit: Nanou Donuts House

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