Sales dropped further this Easter on uncertainty
Retail commerce in Greece experienced a loss in turnover of 130 million euros over this Easter period compared to last year, according to estimates from the Hellenic Confederation of Commerce and Entrepreneurship (ESEE).
Retailers are reporting a slide between of 4 and 5 percent in the first half of April, which ties in with the declining course of retail turnover since the start of the year. ESEE is expressing fears that the entire first half of the year may undercut projections.
The confederation estimates that since the start of 2017 the decline in turnover for food, drink and tobacco retailers has amounted to 9-10 percent year-on-year. At department stores it has come to 8-9 percent, at electrical goods, furniture and homeware stores it is 5-6 percent and at cosmetics and pharmaceuticals it is 3-4 percent.
Following the end of the sales period in end-February, buying activity has been very restricted, with the yearly drop well exceeding 10 percent..
ESEE attributes this fresh drop in sales to the uncertainty created in the market by the government’s delay in sealing the second bailout review. In a statement issued on Tuesday, it referred to “permanent insecurity in the market” and “trapped entrepreneurship.”
You may be interested
Greece not in top 20 European destinations with highest rates of increase in arrivals for 2017Panos - Jan 19, 2018
Greece is absent from the list of top 20 destinations in Europe with the highest rate of increase in visitor…
“Athens is one of the last cities in Europe that can still be old, weird & chaotic”Panos - Jan 19, 2018
At a time when the mainstream narrative is all about how Greece’s ‘best and brightest’ minds have been fleeing the…