ECONOMY

Turnover drops 9 pct for retail

January saw a considerable decline in turnover for retail commerce, according to data published on Friday by the Hellenic Statistical Authority (ELSTAT).

Excluding fuel sales, retail turnover posted an 8.9 percent decline from January 2011. Sales volume posted an even greater drop, at 10.2 percent compared to the same month last year.

The biggest retail losses were for out-of-store sales (down 29.9 percent), followed by apparel (19.7 percent), department stores (18 percent) and food and drink (15.5 percent).

Compared with December 2011, the general turnover index dropped by 18 percent in January, not including the retailing of fuel. This was despite the winter sales period that started in mid-January but is known to have done little to jump-start the retail market.