Retail

Retail companies faced weaker demand in July, according to a survey conducted by the United Brands Association (BMD) among its members.

Some 47 percent of the companies which responded to the survey said their unit sales declined last month compared with June, while 12 percent said it remained unchanged.

Outrageous discounts are the first "mystery" in the Greek market, with supermarket chains successively advertising 50% off specific products. Are they selling below cost to drum up new custom? Probably, but then we see those same products going for half-price at every other supermarket. 

A hot summer and perhaps an even hotter fall is expected in the market of electrical and electronic devices after the decision of the British group Currys to put Kotsovolos, its subsidiary in Greece and Cyprus, up for sale.

Nike reported a drop in quarterly profits on June 30 despite higher sales due to the drag from increased costs and the liquidation of unwanted merchandise.

The sports giant reported profits $1.0 billion for the quarter ending May 31, down 28 percent from the year-ago period.

Revenues rose 5 percent to $12.8 billion.

The relentless rise of food prices is expected to be the biggest headache for the Development Ministry's new leadership.

The challenge is even greater as this Friday the much-touted Household Basket measure expires, as does the provision on the ceiling on profit margins for a range of essential commodities.

Theft from convenience stores in the U.K. reached record levels last year, according to a trade body, blaming criminal gangs and a cost-of-living crisis.

The Association of Convenience Stores (ACS), which represents 48,000 stores, said there were more than 1.1 million incidents in the last 12 months.

The retail of fast-moving consumer goods (FMCG) in Türkiye grew 99 percent last year compared with 2021, according to research conducted by consumer intelligence company NielsenIQ.

Greek enterprises' turnover grew 8.3% or by 7.5 billion euros in the first quarter of 2023, totaling €97.56 billion, from €90.1 billion in the same period last year, the Hellenic Statistical Authority (ELSTAT) said on Wednesday.

Retail trade turnover increased by 13.2% in the first quarter of 2023 compared to the corresponding period last year, as it amounted to 14.88 billion euros, against €13.15 billion in January-March 2022.

Of course, part of this increase is related to price hikes.

The soaring retail prices of milk have led to a further decline in the consumption of the commodity this year, by 5.3% in sales volume terms in the year to April, following the drop registered for the first time in 2022.

Inflation has forced consumers to cut down even on basic food items, also switching away from branded products toward supermarkets' private label offerings.