Hellenic Confederation of Commerce and Enterprises

Retail commerce saw its turnover drop by just 7.9% in November 2020, compared to a year earlier, a decline that appears small given that Greece entered its second lockdown on November 7. However, this is due to the significant increase in sales at supermarkets and other food stores.

Every lockdown day means the addition of more debts and the loss of any cash reserves for enterprises, as the shutdown does not mean that expenses also stop, despite measures such as the handouts, subsidies and rent reductions.

A significant number of entrepreneurs in retail commerce were forced to become employees in the years of the financial crisis, as the reduction in demand - and consequently in sales and profits - resulted in many company closures.

The midseason sales that end on Thursday failed to meet the expectations of retailers, as their turnover is estimated to have declined by 7 percent on average compared to last year's fall sales.

Summer retail sales begin at stores across Greece on Monday and will run through Friday, August 31.

Retailers are optimistic that a shy increase in retail sales in 2017 will continue this year with the Hellenic Confederation of Commerce and Enterprises (ESEE) estimating a turnover of 6.06 billion euros, some 0.6 to 0.7 percent up from last year's summer sales. 

Last year's summer sales retail turnover was about 2 billion euros less than in 2009, as the drastic contraction of disposable incomes has led to not only fewer but cheaper purchases, data from the Hellenic Confederation of Commerce and Enterprises (ESEE) show.

Small and medium-sized retail traders are none too pleased with their stores' turnover during the spring sales that ended on Tuesday. The view is very different among retail chains, with market professionals saying their takings posted an increase, while the first four months of the year were seen to have been positive for the entire retail market.

Retail sales in the first two months of the year were down some half a billion euros on the same period in 2017, as households were left with less spending money after their Christmas shopping and purchases made during the Black Friday promotional event at the end of November.

The Hellenic Confederation of Commerce and Enterprises (ESEE) is calling for a return to the regulations of the 1990s, with a tight set of rules restricting business hours, the operation of shopping centers and the opening of discount outlets.

Retail commerce is expected to see its 2017 turnover post an annual rise - the first in eight years - although this will by no means cover any of the losses amassed and estimated at tens of billions of euros.