Tough times for retailers; drop off slows
Retail outlets have seen revenues during the summer sales period drop 10 to 12 percent compared to last year’s levels, slowing from the 20 percent reduction recorded in the same period last year, according to the National Confederation of Greek Commerce (ESEE). ‘Commercial enterprises have all been affected by the drop in domestic demand and poor sentiment arising from falling incomes, higher taxes and continuing uncertainty,’ ESEE said in a statement. The use of credit cards by consumers during the summer sales period, which began in mid-July and will run until the end of August, has also been ‘drastically reduced’ due to high debt levels among households and excessive bank charges, added ESEE. Looking ahead, the group said it is ‘very concerned’ about the course of the retail market over the September-November period, adding that it doesn’t expect any changes to consumer behavior in the immediate future.
