ECONOMY

Retailers using more creative methods

Retailers are coming up with increasingly creative ways to attract consumers as they cut prices a few weeks ahead of the start of the summer sales season. Retailers Glou and Intersport are offering a discount of between 20 to 25 percent on sneakers to shoppers that hand in their old pair of sports shoes. Industry sources say that stores have unofficially dropped prices by up to 30 percent in a bid to tempt apprehensive consumers. Turnover in the retail sector in the first five months of the year is estimated to have dropped by around 7 percent compared to last year’s levels, with some stores reporting drops in sales of up to 20 percent. Discount retailers, on the other hand, have seen revenues grow by up to 15 percent for the months of April and May. Other stores offering lower prices include Vardas, which is running a 10-day sale, reducing clothing and footwear prices by between 20 and 30 percent. Department store Notos Galleries has also launched a 10-day sales period with price cuts of up to 20 percent. Although the decline in sales has hit stores hard, industry sources point out that the slump in trade has resulted in significantly lower rents, which are helping ease cost pressure.