Greece’s retail super market sector lost turnover worth a whopping six billion euros between 2008 and 2015, a figure that translates into an accumulative decrease of roughly 25 percent, while 2016 is expected to see a drop of 2 to 4 percent in turnover.
The figures were included in a report recently unveiled by Infobank Hellastat.
The market slump, which coincides with the severe economic crisis in the country, also witnessed no less than 26 companies shutting down between 2010 and 2014. Larger chains that continue to operate, meanwhile, are dueling over a smaller market by using price cuts to lure consumers.
The super market and retail food sector is predicted to drop to the level of 18.7 billion euros in 2016, given the effects of increased VAT rates and the continuing political uncertainty in the country.
According to senior analyst Alexis Nikolaidis, beyond the effects of the crisis, other factors that negatively affected the sector’s turnover were reductions in final prices for several categories of products and changing consumer behaviors, such as buying less items and turning to cheaper options, such as generic brands.
