“Black Friday” appears to have been a resounding commercial success in Greece for a second year in a row, as long queues outside retail stores and telecom providers’ outlets were coupled with reports of significantly higher turnover during the day.
Despite initial grumbling from unions representing workers in the retail sector and chambers comprised of SMEs, the now almost global marketing scheme – held the day after the Thanksgiving holiday is observed in the United States – was judged as extremely successful in Greece. Nevertheless, the “lion’s share” of skyrocketing sales was again taken by multinationals and domestic chains active in the electronic retail sector.
Based on “N” estimates, local retailer Public – the company touted as first “importing” the one-day promotional scheme to Greece – saw its daily turnover increase almost five-fold on Friday.
Plaisio, another high-flying Greece-based electronics retailer, reportedly posted a whopping 70-percent increase over last year’s “Black Friday” day.
German multinational Media Markt’s stores in Greece were assessed to have posted a 40-percent hike in turnover on Friday, compared to the same day last year. Similarly, Kotsovolos, a subsidiary of Dixons Carphone in Greece, tripled turnover compared to 2016’s “Black Friday”.
In general terms, high-end brand-name products – such as smart phones, tablets etc. – again piqued buyers’ interest. Nevertheless, other retailers in the still economically recovering country also took advantage of the promotion, with clothing stores and sporting goods outlets also reporting between a 50- to 30-percent increase in average daily turnover.
According to a flurry of broadcast and Internet ads on Friday, most retailers announced that they will extend discounts on electronics for a second day on Saturday, in a bid to keep up the commercial momentum and to sell-off stocks on the shelves ahead of the looming Christmas and New Year’s season.
