Retail

Both online orders and sales at stores during the week when the Valentine's Day is celebrated, are expected to increase strongly, according to the representatives from the retail industry.

Household appliances in Cyprus, such as refrigerators, washing machines and TV sets, are expected to experience price increases in the near future. The Retail Trade Association attributes this development to the Red Sea tensions. However, the Cyprus Consumers Association deems any price hikes in household appliances due to Houthi attacks on cargo ships as unjustified.

Retail sales volume fell 5.2% in November 2023 in the Greece, with sales falling across the majority of store categories in the month, the Hellenic Statistical Authority (ELSTAT) said on Wednesday.

Greek consumers proved active during the festive period, the sector's most important, with a preference for sports as well as more festive items, market insiders note.

Price increases have changed consumer habits in Greece, a survey by the Retail Consumer Goods Research Institute (IELKA) said on Thursday.

The survey, conducted on a sample of 1,000 consumers in November 2023, showed a clear trend by consumers to save money to buy basic goods and services. More specifically, the pressure is bigger on reducing spending on basic services.

Bulgaria witnesses a notable improvement in its overall business climate indicator, surging by 3 percentage points from December 2023 to January 2024. The National Statistical Institute (NSI) revealed that this uptick spans across all key sectors—industry, construction, retail trade, and services.

Retail stores and shops will be open on Sunday due to winter sales.

The proposed business hours are from 11 a.m. to 6 p.m., while shopping centers and department stores will operate from 11 a.m. to 8 p.m.

Most Greek businesses are extremely short-lived, as 56% of them "die" before completing a decade of life. This proves business ventures in Greece are often done casually, without a plan or sufficient funds, motivated by need and not because the would-be entrepreneurs have identified a real opportunity.

Winter sales kicked off on Monday and will be running through the end of February. Stores can also open on Sunday, January 14 and 21. According to representatives of the retail sector, following a reasonably successful Christmas period, the winter sales are expected to inject fresh momentum into the market.

The latest data from the National Statistical Institute reveals a positive upswing in Bulgaria's retail sector for November 2023. Retail turnover experienced a 0.5% increase from the previous month and a substantial 3.2% rise compared to the same period last year.

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