BUSINESS

Tourism rise may bolster retail sales by 5 pct this year

TAGS: Economy

Traders are expecting an increase in sales from this year’s summer sales, in contrast to the pessimism seen in previous years. The optimistic estimates are based on the prospect for a rise in tourism inflows, with the Hellenic Confederation of Commerce and Entrepreneurship (ESEE) recently saying that turnover in retail commerce this year – not just in the sales windows – could grow by up to 5 percent given the strength of tourism bookings.

The summer sales officially begin on Monday, July 10, and will end on August 31. Still, many stores started lowering the prices of a considerable portion of their merchandise several days ago.

A key factor in the course of retail commerce turnover – particularly in certain areas – will be the application of the recent legislation on Sunday opening hours.

The law dictates that stores may open on the first Sunday of the sales – i.e. on July 16 this year. However, the recent law allows for the opening of stores on all Sundays from May to October (except for the second Sunday of August) throughout the Municipality of Athens, around Athens Airport, in parts of Piraeus and southern Attica, and in the historic center of Thessaloniki.

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