Monday December 22, 2014 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Retail commerce map changing radically due to crisis

By Mary Lembessi

The prolonged recession is radically changing the Greek retail commerce map, as the fall months are revealing the problems enterprises are experiencing in facing the new conditions.

The definitive freeze of talks between the Fokas Group and Attica department stores has left the former out in the cold, increasing uncertainty about its future.

Sources say that the management at Fokas has reached a dead end regarding the administration of the groups high borrowing as it is unable to buy new merchandise or pay its staff.

In any case, the last few weeks of the year will be crucial for the sustainability of the decades-old retail group.

The Sprider Stores group has also found itself in a very difficult position, as the decline in turnover and the increase in losses continued in the third quarter of the year. The aim of the groups new management is the restructuring of the chain, although cash flow problems are mounting. Kathimerini understands that the management of the listed company has in the last year and a half turned to domestic suppliers too in order to secure flexibility in its payments. It is also going ahead with the closure of another 10 stores across the country by the end of they year, while revising its presence in Bulgaria, where it has five stores, including the one pictured in Sofia.

The shrinking of purchasing power is leading to changes in the wholesale market as well. US firm Guess is searching for a new partner in Greece after terminating its contract with Promoda SA. The reason for the termination, according to the Greek side, was the excessive requirements the Americans had regarding targets and network expansion in spite of the adverse market conditions.

However, another version of events suggests that the Americans has been in contact with a well-known group since early this summer and examining the possibility of a cooperation. What is certain now is the closure of Guess stores in Greece in the coming weeks.

In the furniture sector, the Yalco group is planning to shut down the Habitat outlet in Glyfada, southern Athens, by the end of the year, thereby reducing the presence of the chain to just two points: the Notos Home department store at Kotzia Square in central Athens and the Hondos Center store in Thessaloniki city center.

Fellow furniture enterprise Neoset is going through hard times: Its general director, Aris Topouzas, who has been a company executive for many years, has departed and has not yet been replaced. The firm registered a decline in turnover of 13 percent and a rise in losses by 81 percent last year compared with 2010.

Rival company Dromeas is in talks to have its borrowing refinanced; its loans add up to 24 million euros.

ekathimerini.com , Friday November 9, 2012 (20:44)  
Political saga is harming liquidity
Bad timing for tenders as oil rates decline
Tax exemptions deprive state budget of over 3.5 bln euros
Teiresias to track letters of guarantee
Greek PM offers compromise solution with elections by end-2015
Prime Minister Antonis Samaras on Sunday presented a compromise solution to end a political stalemate that looks likely to send Greece to early general elections in about a month's time. Spe...
Environment Ministry to reconsider controversial bill
The government over the weekend appeared to backpedal on proposed amendments widely seen as compromising legislation protecting Greek forests as well as Plaka, Athenss old quarter. The bill...
Inside News
SOCCER
Special day for Abidal, lucky one for PAOK
PAOK scraped through its Livadia challenge beating Levadiakos to remain on top of the Super League for Christmas, one point ahead of Olympiakos that enjoyed a great game at Kalloni and offer...
BASKETBALL
Explosive Barca unfazed by Panathinaikos, bomb scare
Panathinaikos lost 80-67 at home to Barcelona on Friday in a rather meaningless game at the end of the first group stage of the Euroleague, but the encounter will be remembered for the bomb ...
Inside Sports
INTERVIEW
Crisis of confidence will come back again and again, says Thomas Piketty
Hes treated like a rock star wherever he goes to lecture. His book Capital in the 21st Century, a study on income and wealth inequality from the 18th century to the present, recently tran...
COMMENTARY
Who lost Greece
If Greece collapses much will be said about where the fault lies. Sure, we all know the failings of Greek politicians. That said, much of the blame lies with outsiders who pushed Greece beyo...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Special day for Abidal, lucky one for PAOK
2. Political saga is harming liquidity
3. Bad timing for tenders as oil rates decline
4. Tax exemptions deprive state budget of over 3.5 bln euros
5. Teiresias to track letters of guarantee
6. Agenda
more news
Today
This Week
1. Greek PM offers compromise solution with elections by end-2015
2. Who lost Greece
3. Crisis of confidence will come back again and again, says Thomas Piketty
4. Snubbing the moderates
5. Agenda
6. Bad timing for tenders as oil rates decline
Today
This Week
1. Samaras summons bond vigilantes with euro exit talk
2. A friendly yet firm message from Pierre Moscovici
3. Europe's drama in Greece needs final act to avoid tragedy
4. High stakes
5. On the edge but not gutless
6. Girl, aged 11, gives birth on Crete
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.