Spring sales lacking promise

Spring sales start on Thursday in Attica and across most of the country amid low expectations of a recovery in the shrinking retail market.

Coming just days after the Easter holidays, and running through May 15, the spring sales are also being faced with trepidation by traders who are worried about the timing. Even during Easter, which is a major holiday for Greeks, results were below expectations, as turnover suffered a fresh decline, according to market estimates.

Vassilis Korkidis, the head of the Piraeus Chamber of Commerce and Industry, says that throughout the capital retail turnover posted an annual drop between 4 and 6 percent, which translates into losses of 100-150 million euros.

Retail commerce has been in decline since the start of the year: According to figures from the Hellenic Statistical Authority (ELSTAT), turnover dropped in January and...