The 2012 winter sales began last Monday across the country at a time when Greece’s retail sector is struggling. Retailers have slashed prices, with many offering discounts of between 40 and 70 per cent from the very start of the sales period, something which should appeal to cash-strapped Greek shoppers. Traders will be hoping to make up for a holiday season decline in sales that came close to 25 per cent year-on-year.
The sharp drop in sales came despite widespread discounts by retailers in the run-up to Christmas. Greeks have been suffering wage and pension cuts, rising inflation and a recession now into its fourth year, which has slashed living standards and forced them to cut spending.
Clothing and footwear sales dropped 40 per cent during the Christmas period, electrical goods by 30 per cent, and sales in the food and drinks sector by 15 per cent compared with the same period last year. The majority of retailers had already introduced special offers after New Year’s, so they are now forced to cut their prices even more aggressively. The winter sales period ends on February 29.
Source: Kathimerini
