Monday March 30, 2015 Search
Weather | Athens
14o C
09o 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 Greeceís 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)  
Germany says Greece must flesh out reforms to unlock aid
Greek yields edge up as lenders scrutinise reform pledge
Euro hurt by Greek uncertainty, dollar helped by rate outlook
Greece says not backing down on debt relief goal
Athens University calls on ities to remove anarchist protesters
The University of Athens called on the government on Monday to take action to remove anarchists who occupied the institutionís main building in the morning. The group of 20 to 30 protesters ...
Greek president says Turkish vessel must leave for Cyprus talks to resume
On his first official visit abroad since becoming Greek president, Prokopis Pavlopoulos visited Cyprus on Monday, where he backed Cypriot President Nicos Anastasiadesís decision last year to...
Inside News
SOCCER
Three Greek internationals injured in Budapest car crash
Three Greek international soccer players were slightly injured on Monday in a car crash as they travelled by taxi to Budapest airport following Greece's Euro 2016 qualifying goalless draw ag...
SOCCER
Improved Greece draws 0-0 at Hungary
Greece ended up goalless with Hungary in Budapest on Sunday, on manager Sergio Markarianís debut on the national teamís bench, a result that has left Greece at the bottom of its Euro 2016 qu...
Inside Sports
INTERVIEW
Releasing migrants from detention centers not enough, says UN rights watchdog
The Greek government's shift on immigration is ďthe beginning of what will no doubt be a difficult process,Ē according to Jan Jarab, regional representative for Europe of the High Commission...
COMMENTARY
Tsipras needs rupture with far-left, not Brussels
Does Alexis Tsipras, the Greek prime minister, have the guts to break with his far-left faction? The countryís fate hangs on the answer to this question. Greeceís immediate prospects are dic...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
†RECENT NEWS
1. Athens University calls on ities to remove anarchist protesters
2. Germany says Greece must flesh out reforms to unlock aid
3. Greek president says Turkish vessel must leave for Cyprus talks to resume
4. Tsipras presses allies for support as Greek cash crunch deepens
5. Three Greek internationals injured in Budapest car crash
6. Subject of many snaps, Sifis the crocodile found dead in Crete
more news
Today
This Week
1. ECB nerves fray on Greece as supervisors rile central bankers
2. Greek markets show all at risk should mistake trigger a default
3. European stock-index futures rise as investors look to Greece
4. Greece says not backing down on debt relief goal
5. Work on tram extension begins in Piraeus
6. Talks in Brussels continue but Greece and lenders 'not there yet'
Today
This Week
1. Next Monday is D-Day for state funds
2. Eurogroup unlikely to be held soon to discuss Greek reforms
3. PM faces Merkel amid race to detail reforms
4. Moscow expects progress from Tsipras visit
5. Some more equal than others
6. Greece to present reforms by Monday, says gov't spokesman [Update]
†††Find us ...
††... on
Twitter
†† ††... on Facebook ††
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.