Friday April 18, 2014 Search
Weather | Athens
17o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Need for reform to aid retail

By Dimitra Manifava

Some 2 billion euros is lost every year due to regulatory obstacles in the food retail market at the expense of both the state and households, according to supermarket representatives.

Market professionals say that overhauling Greece’s legal framework would greatly reduce the need for higher taxes, which is one of the key reasons behind rising prices and falling consumer demand.

The above conclusions are supported by a recent report compiled by the McKinsey consulting firm. The report found that eliminating a number of market restrictions and encouraging alliances between smaller businesses could increase retail sales by 1.5 billion euros, boost productivity by 22 percent and reduce retail prices.

All this would not only benefit retail per se, but would in fact boost the national economy since the annual gross added value in retail could increase by more than 4 billion euros over the next decade. Meanwhile, it is estimated that improvements in the efficiency of retail could increase tax revenues by 1.3 billion euros.

Changes that need to be introduced in order to bolster competition in the local market, professionals say, include the lifting of restrictions that currently ban supermarkets from selling tobacco products, prescription drugs, part-baked breads and fuel (it should be noted here that the restriction on fuel sales was lifted a few days ago, while the liberalization of the bake-off market is included in the latest bill tabled by the Development Ministry). With the exception of fuel, the turnover from these products is estimated at 3 billion euros.

Other changes proposed by analysts and market officials include the lifting of the restrictions on opening hours and on the operation of large superstores outside of Attica and Thessaloniki. Slashing the high administrative costs for business licensing is also seen as key.

ekathimerini.com , Thursday April 12, 2012 (22:11)  
PPC to issue corporate bond of 500 mln
Primary surplus continued by end-March
Eurobank eyes top Core Tier 1 level in Greece
Tourist spending up 17.3 pct
Greece offers to help find Turkish F-16 lost in 1996
Greece officially offered on Thursday to assist Turkey in its efforts to locate and salvage a Turkish Air Force fighter jet which crashed in the Aegean almost 20 years ago. Greek Defense Min...
Talks lined up in wake of ‘shameful’ soccer scenes
The government has pledged to meet with soccer officials after Easter to tackle unruliness in the game following wild scenes at the Greek Cup semifinal between PAOK and Olympiakos in Thessal...
Inside News
BASKETBALL
Former Red Bourousis wrecks Olympiakos´s hopes for a break
Olympiakos tried harder in Game 2 of the Euroleague play-offs in Spain, and Real Madrid was not as good on Thursday as in Game 1, but the Spaniards still emerged victorious on the night with...
SOCCER
Greek soccer turns fishier than ever
Soccer in Greece reached new lows in scenes unseen since the national team’s triumph in Euro 2004, as PAOK and Olympiakos served up a cup semifinal with PAOK emerging as the winner and the s...
Inside Sports
COMMENTARY
The placebo effect and the economy
Among the greatest mistakes made in the years of Greece’s hard landing is that citizens did not get the chance to sense that aside from austerity and pain the economic adjustment program als...
COMMENTARY
Ukraine is a crisis—but not a Cold War
Given Russia’s annexation of Crimea, the imposition of US and European sanctions, and the potential for more escalation in Ukraine, we are witnessing the most important geopolitical events s...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Former Red Bourousis wrecks Olympiakos´s hopes for a break
2. PPC to issue corporate bond of 500 mln
3. Greece offers to help find Turkish F-16 lost in 1996
4. Primary surplus continued by end-March
5. Eurobank eyes top Core Tier 1 level in Greece
6. Tourist spending up 17.3 pct
more news
Today
This Week
1. Greece startup leaders say they can’t break jobless cycle alone
2. Ground-breaking Good Friday mass signals thaw in Cyprus
3. Mayoral candidates clash over Athens mosque plans
4. Seven arrested over Toumba violence
5. National Bank of Greece plans senior unsecured bond sale
6. Greek current account deficit widens in February
Today
This Week
1. Bomb explodes outside Bank of Greece
2. Samaras sees no need for third bailout
3. CCTV footage from Nigrita Prison shows signs of inmate torture [Video]
4. Greece's market return mirrors return of tourists
5. Car bomb explodes outside Greek Central Bank building, no one hurt [Update]
6. Parties start announcing candidates for European Parliament elections
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.