The Hungarian saga of Russian-backed Basket Plus appears to be coming to an abrupt end, just months after the discount chain opened its first and only Hungarian shop in Budapest.
Basket Plus emptied its shelves in Budapest
The Besence Street store unexpectedly closed at the beginning of August, with the operator citing “technical reasons” but giving no indication of whether it would reopen. Now the premises have reportedly been completely cleared of stock, suggesting the closure could be permanent.
Basket Plus, formerly known as Mere, had ambitious plans for Hungary. The company initially said it could open ten shops within its first year. Instead, its sole Hungarian outlet may have disappeared almost as quickly as it arrived.
It was their only store in Hungary
The Budapest outlet operated in a warehouse-style format, one of the hallmarks of the hard-discount model associated with Russia’s Svetofor group. Products were largely displayed in a stripped-back environment, including directly from pallets, helping the retailer keep costs low and prices competitive. According to information reported by VG.hu, the Besence Street shop has been completely emptied in recent days.
Removing the stock does not, by itself, prove that the business has permanently closed. Goods could theoretically be taken away as part of supplier settlements or other financial or legal arrangements. However, the clear-out is a strong indication that this may be more than a temporary shutdown.
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Expansion plans have come to nothing
The development is particularly striking given Basket Plus’s original ambitions. The company had planned to open ten Hungarian shops within a year, while earlier plans announced in 2024 suggested an even larger expansion under the Mere brand.
The first — and ultimately only — Budapest shop finally opened in December 2025. Within just a few months, it had unexpectedly shut its doors. The Hungarian situation also comes amid difficulties for Svetofor-associated businesses elsewhere in Europe. Similar shops have reportedly closed in other countries, with “technical reasons” cited in several cases.
At the same time, the group’s European operations have been affected by EU sanctions. One of the owners linked to the Svetofor group, Sergei Schneider, has been placed on the EU sanctions list. Such measures can create serious difficulties for businesses by affecting assets, financial transactions and commercial relationships. For a retailer dependent on continuous supplier, financial and logistics networks, such disruption can be particularly damaging.
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Will Basket Plus return?
There is currently no clear sign that the Besence Street shop is preparing to reopen. The complete removal of its stock makes a simple temporary closure increasingly difficult to envisage. The situation should nevertheless be treated cautiously. The shop’s entry in Hungary’s National Commercial Register has reportedly not yet changed, meaning its formal status may not fully reflect the developments on the ground.
For Hungarian shoppers, however, the message is becoming increasingly clear: there is little reason to expect the Budapest store to reopen, and even less reason to expect the previously announced expansion to go ahead. Unless circumstances change significantly, the Russian-backed chain’s Hungarian story could ultimately consist of just one shop — operating for only a few months before disappearing.
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