VRIJEME JE ZA GOSPODARSTVO Jurica Lovrinčević

Guest Jurica LovrinčevićHosted by Darko BukovićMay 3, 2026

Jurica Lovrinčević

About this episode

What you'll hear in this conversation

Jurica Lovrinčević leads Pevex, one of Croatia's largest non-food retailers, a company that grew its revenue by over a billion kuna and doubled its staff in just four years. But when the pandemic hit, his entire sector was abruptly shut down, forcing him to navigate an unprecedented crisis while advocating for his business and its two thousand employees. He kept every team member on staff, challenging the government's blanket restrictions and pivoting the business model in real-time. This conversation delves into the strategic and ethical choices made under immense pressure. Lovrinčević shares how a business built on physical retail adapted to a sudden digital surge, and why he views state aid not as a gift to entrepreneurs, but as compensation for lost opportunity. It's a candid look at leading a major company through a market freeze, maintaining continuity, and challenging public perceptions of business leaders.

Insights from the conversation

What to take from this episode

Jurica Lovrinčević co-founded Dicentra with Mario Radić in 1994, a 50-50 partnership that has lasted 26 years without a single day of financial blockage. Building a business that endures requires looking beyond immediate profit, extending trust and consideration to partners, suppliers, customers, and employees alike.

Pevex, under Lovrinčević's leadership, grew its revenue by over a billion kuna and its profit sixfold in four years, becoming Croatia's largest non-food chain. Even against larger foreign competitors, a local company can dominate its market with deep knowledge, operational experience, and strategic access to capital.

Pevex secured annual borrowing rates as low as 0.9% in kuna before the crisis, now around 1.2%. When capital is this inexpensive, the decision to invest becomes less about the cost of money and more about the realistic timeline for an investment to pay for itself.

When non-food retail was completely shut down during the lockdown, Lovrinčević argued it was "too aggressive," believing businesses able to ensure physical distance and hygiene should operate. The state's inability to fully compensate for lost revenue means that blanket closures often cost more than they save, even with aid.

The government's salary subsidies, while welcome, only covered a portion of Pevex's average net salary of 6,800 kuna. Lovrinčević insists this support is not "help for entrepreneurs" but compensation for lost business and a means to keep people employed, preventing a greater burden on unemployment services.

Despite the brutal shutdown, Lovrinčević kept all 2,000 Pevex employees on staff, having store teams sort goods and setting up phone-based "remote sales" for customers. This unwavering commitment to employees, even in forced idleness, reinforces the message "we are here" and preserves the operational readiness of the workforce.

Pevex's webshop, previously seen as merely a "digital window," saw its daily revenue explode from 30,000 kuna to a million during the lockdown. A sudden market disruption can force a rapid re-evaluation of digital channels, transforming a peripheral presence into a primary revenue stream overnight.

While politicians downplayed the crisis, Lovrinčević candidly projected a GDP drop of 12-15%, with a return to pre-crisis levels taking three to five years. Effective leadership demands openly acknowledging the true scale of the economic challenge, preparing everyone for a difficult and uncertain future.

Lovrinčević notes that long-term planning became impossible during the crisis, requiring a "day by day" approach focused on continuous communication with suppliers, customers, and employees. When conditions change constantly, the ability to pivot and adapt daily replaces rigid, distant forecasts.

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