Retailers offer discounts ahead of sales
Retail chains have indulged in an offers spree from this week in an attempt to energize the market ahead of the regular summer sales, which start on Monday, July 8 and end on August 31.
The discounts offered, both at brick-and-mortar stores and mainly through online sales channels reach as high as 50%, which according to market players suggests even greater discounts later.
Retailers’ expectations, however, are not high, as consumption in the year to April was extremely compressed, with the increase in turnover being almost exclusively due to inflation. In tourism hotspots, including the historic center of Athens, part of the losses from the decline in demand observed in domestic consumption has been compensated by purchases made by visitors.
In clothing chains the offers range from 20% to 50%, in furniture up to 40%, in cosmetics from 30% to 40% and in footwear from 10% to 30%.
“The first four months were very difficult and the increase in turnover recorded in the retail trade was purely inflationary,” points out Stavros Kafounis, president of the Athens Traders Association, speaking to Kathimerini.
According to Hellenic Statistical Authority (ELSTAT) data, the prices of clothing and footwear recorded a 5.8% increase in March compared to March 2023.
The picture is not the same everywhere: “In the tourist areas the results are extremely good. In fact, there is a shift in the purchases made by foreign visitors from apparel to jewelry and watches. However, this only applies to two or three streets. As we move away toward the rest of the streets of the center of Athens, as well as toward the periphery markets of the capital, things are completely different,” he adds.
According to the latest data available from ELSTAT, retail turnover in January-April for companies large enough to report their figures on a monthly basis amounted to 3.57 billion euros, excluding food, vehicles and fuel, against €3.39 billion in the same period last year, registering an increase of 5.3%. In traditional branches of retail trade, such as that of clothing, turnover in the four months was €717.94 million compared to €670.14 million in the same period of 2024.
