ECONOMY

Piraeus traders say revenues have dropped by one-fifth

The Piraeus Traders Association (PTA) said yesterday revenues fell by an average annual rate of 20 percent during the summer sales period as a large number of retailers struggle under the difficult market conditions. Clothing and footwear stores are believed to have been among the better performers this summer while electrical goods are thought to have suffered the worst results. PTA said that before the sales season started, 56 stores closed down in central parts of Piraeus, with another 48 retailers buckling in the district’s surrounding areas. Consumer spending habits were also different this year. Some 70 percent of purchases were made in cash with just 30 percent of shopping being charged to the credit card. Additionally, the average value of receipts issued by traders fell by 15 percent this year in comparison with 2008.