BUSINESS

Sales dropped further this Easter on uncertainty

TAGS: Economy

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.”

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