Greek super market turnover drops 6.5% while major chains post increases

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Greek super market turnover drops 6.5% while major chains post increasesThe year 2016 marked the worst performance over the past five-year period for Greece's retain super market sector

Last year, 2016, marked the worst performance over the past five-year period for Greece's retain super market sector, which over the specific year saw a decrease of 6.5 percent in terms of value and 8.9 percent in volume, according to data presented by the IRI firm at the Market View event.

The drop in sales is mostly attributed to the "absence" of two well-known chains from the market, which appears to have affected results by small to medium-sized retailers. The five biggest super market chains, however, posted better results over 2015.

Based on the preliminary forecasts by the AB Vassilopoulos group, its turnover was up 15 percent, year-on-year; German multinational Lidl achieved increased turnover by 10.4 percent. Similarly, Greece-based retailer MyMarket showed a 13-percent increase over the first 10-month period of the year, results that exclude its recently merged Veropoulos chain. Masoutis showed greater turnover by 7 percent, while Sklavenitis is expected to also show improved turnover.

Based on IRI figures, however, all three main consumer categories posted a decrease in turnover, with foodstuffs suffering the biggest drop, from 6.7 to 9.6 percent in volume.

Read more here.

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinations Greek travel marketGreek tourism statisticsGreek tourism report

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