Greek supermarkets helped the country resist economic crisis

Greek supermarkets helped the country resist economic crisis

Survey conducted by Greek Research Institute of Retail Consumer Goods (ΙΕΛΚΑ) discovered that the majority of customers believes that the country’s economic crisis could have been even more badly affected had the supermarket sector has not contributed significantly. The participants thanked supermarket industry for its support through investments, contribution to GDP and the number of jobs they have created.

The ΙΕΛΚΑ survey found that the food hyper sector contributed 9.24 pct to the country’s GDP, with 14.5 billion euros of added value. This includes retail, wholesale and production sectors. More than 56 percent respondents believed that supermarket industry supported the economy by providing employment opportunities. Another data from Hellenic Statistical Authority reveals that retail food sector accounted for 190,000 jobs in the country. Retail food sector is the only industry in Greece with a positive employment figure with creating new 5,500 employment positions in 2016.

However, sales at Greek supermarkets dropped 6.5 percent year-on-year in 2016, while sales volume declined by 8.9 percent. The largest supermarket chain, Marinopoulos with over 329 stores across the country is facing sales crunch issues. Chalkiadakis with 38 stores, Kritikos with 85 stores and Lidl with 226 stores are other major supermarket chains operating in the country.

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