NEWS

Winter sales at local stores to last until February 28

TAGS: Business, Economy

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.

The Hellenic Confederation of Commerce and Entrepreneurship (ESEE) has reiterated that retailers are obliged to properly calculate and display the reduced prices, along with the originals and the sale percentage, as is mandatory during the sales season, while in cases of inspections they should be able to prove the authenticity of the original prices.

If inspectors find evidence that sales regulations have been violated, fines will amount to 0.5 percent of annual turnover, with a minimum fine of 5,000 euros.

According to ESEE president Vassilis Korkidis, turnover plunged during winter sales between 2008, when it totaled 8.3 billion euros, and 2013, when it came to 5.89 billion euros. Since then the decline has eased somewhat. Last year, estimates put turnover during the winter sales period at 5.4 billion euros, marking a 5 percent loss compared to the previous year.

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