Summer sales let market down

One in every two stores reported a decline in turnover during the 2022 summer sales, a sector survey has found.

That was because of the reduction in spending by households in Greece, which, combined with the increase in the operating costs of commercial stores due to the appreciation of energy and goods, seems to have dissipated any benefits the retail sector had as a whole from the increase in tourism traffic.

Tourism also demonstrated the disparities between the popular destinations and non-tourism markets, with the former recovering the ground lost due to the pandemic more quickly than the latter.

According to the survey carried out by the Commerce and Services Institute of the Hellenic Confederation of Commerce and Entrepreneurship (INEMY ESEE), 52% of the businesses that participated in the sales recorded lower sales compared to the corresponding period last year. Another 29% of businesses were at the same level as in 2021, while 18% saw an increase in turnover.

Only 2% of businesses stated that they exceeded the turnover seen in 2019, while 44% noted that they did not match it.