Hellenic Confederation of Commerce and Entrepreneurship

Tourism is breathing new life into Athens's beleaguered commercial triangle - the area encompassed by Syntagma, Omonia and Monastiraki squares - as the share of shuttered shops has dropped below 25 percent for the first time since September 2012, when the Hellenic Confederation of Commerce and Entrepreneurship (ESSE) started the relevant survey.

The winter sales began Monday, with thousands of shoppers taking to Ermou Street, central Athens's main commercial strip, in search of bargains. The sales run through February 28. Retailers are obliged by law to display items' presale prices alongside their sale prices. The Hellenic Confederation of Commerce and Entrepreneurship (ESEE) warned of fines for those who do not do so. [ANA-MPA]

Shoppers walk along Ermou Street, central Athens's main retail district, on Wednesday, as the Hellenic Confederation of Commerce and Entrepreneurship (ESEE) dampened overoptimistic projections regarding the market's performance over the Christmas holidays.

Eight years into the debt crisis which has shaken Greek economy and dramatically changed Greeks' everyday life, positive financial indexes and retail turnover results indicate that Greece is recovering. Athens and international creditors are set to celebrate the exit from the bailout era next summer.

A typical Christmas dinner will cost Greek households 1.29 percent less this year than it did in 2016, mainly due to pork and potatoes, a study published on Monday by the Hellenic Confederation of Commerce and Entrepreneurship (ESEE) has found.

Large enterprises and those located at tourism destinations benefited from this summer's sales window, according to a survey conducted by the Commerce and Services Institute of the Hellenic Confederation of Commerce and Entrepreneurship (INEMY ESEE). However, turnover appears to have shrunk 3 percent compared to last year's summer sales.

Traders are expecting an increase in sales from this year's summer sales, in contrast to the pessimism seen in previous years.

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).

The Greek chapter of Cyprus's ruling Democratic Rally (DISY) party and Greek conservative party New Democracy will hold a public event in Athens on Thursday on economic developments in Cyprus and Greece, titled "Good Practices in Cyprus and the Exit from the Bailout Mechanism."

Winter sales get under way at retail stores across the country Monday and are scheduled to last through February 28. Stores will be allowed to open on January 15, as is customary on the first Sunday of each sales period.