ECONOMY

Retailers hope for credit card use

retailers-hope-for-credit-card-use

The customary summer sales period begins this Monday, July 13, in what is shaping up to be a perfect storm for the country.

For some days now, retail stores have been offering discounts of up to 50 percent in an effort to attract consumers who, due to the imposition of capital controls and uncertainty regarding the financing of the Greek economy, are almost exclusively keeping spending to food and fuel supplies.

It is no coincidence that most retail stores have since last week been encouraging consumers to keep shopping using credit and debit cards. The National Confederation of Commerce and Entrepreneurship (ESEE) did likewise in a statement issued yesterday.

Despite the difficult financial situation, ESEE is keeping its fingers crossed that this sales period, which ends on August 31, will be even more successful than conditions would indicate and is inviting consumers to ignore the fact that lenders are closed and they have limited access to their bank accounts, and to use their credit or debit cards “to make the most of the offers that will doubtlessly come their way through making bargain purchases.”

“Retail enterprises will have a great range of their merchandise at exceptionally attractive and favorable prices,” stressed the Hellenic Retail Business Association (SELPE) in its own statement.

On the following Sunday, July 19, retail stores will be allowed to open from 11 a.m. to 8 p.m. due to it being the first Sunday of the sales period. According to a law passed two years ago, all retail stores can open on seven Sundays per year, including the first Sunday of each of the four sales windows.

The government has not yet amended the law on Sunday store opening as it had said it would.

Retailers must cite the original and sales prices and can also have tags with the percentage rate of the discount on their merchandise during the sales period.