ECONOMY

Three pct drop in supermarket turnover last year

three-pct-drop-in-supermarket-turnover-last-year

Supermarkets in Greece are estimated to have suffered a 3 percent drop in turnover last year compared to 2014, according to an analysis by market researchers ICAP, following 1.4 percent growth the year before.

ICAP expects the sector to shrink further in 2016, a view shared also by businesspeople in the sector.

Turnover at supermarkets is not expected to start recovering before 2017, by 1 percent on an annual basis.

The analysis also showed that five companies commanded 60 percent of all turnover in the sector last year.