BUSINESS

High marks in retail market deregulation for Greece

DIMITRA MANIFAVA

TAGS: Economy

Greece has caught up with the majority of its European Union peers in terms of lifting restrictions in retail commerce, rising to 11th among the bloc’s 28 member-states in the sector’s deregulation chart.

The European Commission’s Retail Restrictiveness Indicator (RRI) gave Greece a reading of 1.62 points (whereby 0 marks the absence of any restrictions and 6 marks the existence of too many regulations).

The deregulation of retailers’ special offers, the increase in sales windows and the expansion of store operation on Sundays are the most significant examples of the easing of restrictions in the Greek retail market over the last few years. These restrictions were lifted either under the creditors’ threat to withhold bailout loans or following recommendations by the Organization for Economic Cooperation and Development (OECD) relating to its infamous “toolkit.”

In the context of the Commission’s assessment, the restrictions are split into two categories: those concerning the opening of new commercial stores, and those regarding their operation. Greece obtained scores in those two categories of 1.7 points and 1.5 points respectively.
 

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