Saturday Jan 31, 2015 Search
Weather | Athens
16o C
13o 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 group’s 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 group’s 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)  
Increase in minimum salary is left aside for now
Decline in euro rate has exporters eyeing growth in 2015
TAIPED is stripped of its management and most projects
Tourism to build on last year’s massive growth
Judges´ report on Golden Dawn case expected next week
A final decision by the Council of Appeals Court Judges weighing the merits of the case against ultranationalist party Golden Dawn is expected next week, marking the final step for the case ...
Karamanlis, Bakoyannis discuss ND´s future
Ex-Foreign Minister Dora Bakoyannis remained tight-lipped on Friday after an hourlong meeting with former Prime Minister Costas Karamanlis as New Democracy continues to absorb the impact fro...
Inside News
BASKETBALL
Panathinaikos preserves perfect home record
After yet another great performance at home, Panathinaikos defeated Galatasaray 86-77 in Athens on Friday to get to three wins in five games at the Euroleague top-16. The Greek champion shoo...
SOCCER
Gattuso: Unpaid OFI players couldn´t buy food
Former coach Gennaro Gattuso has lifted the lid on the plight of crisis-club OFI Crete which has been banned from playing in the Super League until it clears mounting debts with its staff. T...
Inside Sports
INTERVIEW
SYRIZA must come up with ‘pragmatic solutions,’ Schulz tells Kathimerini
“SYRIZA must realize that it is now the Greek government, not a party running an election campaign,” European Parliament President Martin Schulz, the first European official to visit Greece ...
COMMENTARY
Strange haste
The members of the new government must have a lot of confidence in themselves. Several days before announcing his program, Prime Minister Alexis Tsipras and his cabinet have opened up a mult...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Panathinaikos preserves perfect home record
2. Increase in minimum salary is left aside for now
3. Decline in euro rate has exporters eyeing growth in 2015
4. TAIPED is stripped of its management and most projects
5. Tourism to build on last year’s massive growth
6. HFSF portfolio sees its value diminish
more news
Today
This Week
1. SYRIZA must come up with ‘pragmatic solutions,’ Schulz tells Kathimerini
2. Why Greece went left while Europe turns to right
3. Capital flees Greece at fastest pace since 2011
4. Greek government's signals very mixed, ECB's Jazbec says
5. EU's Schulz: Greece should follow EU line on Russia
6. Monastiraki restaurant fire prompts panic, restricted before spread
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. Greek Elections 2015 | LIVE
4. Greek Elections 2015: The day after | LIVE
5. SYRIZA's win will test institutions
6. Athens may veto further EU sanctions against Russia
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.