Insider Business Great sales in Cyprus’ retail market

Great sales in Cyprus’ retail market

Prevailing conditions in Cyprus’ retail trade have prompted great sales in the market in a bid by stakeholders to attract more and more consumers. In fact, sales over the recent past years have lasted longer than those during the time of the island’s financial crisis.

Especially on items of wide consumption, informed sources told INSIDER.

Wholesalers estimate that, on average, the prices of their products in supermarkets are about 30% below the original ones. This, however, also depends on the starting price a company has on a product.

A number of prevailing factors are forcing both suppliers and supermarket owners to keep prices low. Primarily, the ever-increasing competition among retailers which is expected to intensify in the coming years in view of their ongoing struggle to get a bigger piece of the market share.

At the same time, the Cypriot consumer is not ready to give up promotional leaflets yet, since many of them still serve as a reference point for their shopping. In addition, there is a steady increase in products reaching the market through parallel trade.

In most cases these are offered at much lower prices than those by the official distributors. This particular situation is unlikely to change over the years, and because of it there are frequent sharp fluctuations in wholesale prices – depending on what is available on the market.

Announcing its annual results for 2018, the Eureka Group underlined that discounts on their products accounted for approximately 43% of overall sales. Howverer, their subsidiary in Greece was the one recording the highest percentage of discounts. Excluding Eureka Hellas’ state of play, the Group’s discount rate was down to around 35%.


Read more:

Top Stories

Bill Withers, soulful singer of ‘Ain’t No Sunshine,’ dead at 81

Bill Withers, a soulful singer best known for the 1970s hits "Lean on Me," "Lovely Day" and "Ain’t No Sunshine," has died at age...

Post Office mobilises Parcel24 service in fight against Covid-19

Cyprus Post is mobilising the 24-hour Parcel24 locker systems to boost efforts to contain the coronavirus by helping the public avoid visiting the Post...

Customer service by Social Insurance Services amid Covid-19 measures

The Social Insurance Services, within the framework of preventive measures to address COVID -19, inform the public that the online application / JCC Smart...

House doubles fine for Covid-19 decree, approves prison measures

The House of Representatives on Friday approved a government bill doubling the out of court fine for violating the stay at home decree from...

One more dies, 40 test positive for coronavirus

One more person has died, a man aged 64 with underlying health conditions, the Health Ministry said on Friday, and another 40 people have...


Village olive pie

Mix the yeast with the lukewarm water and put it aside for about 12-15 minutes to settle.  Sift the flour with the salt into...

Skordalia (Garlic paste)

Rinse the potatoes and place, unpeeled, in a saucepan. Cover with water, add salt and allow to simmer for 20-30 minutes until soft. Drain,...

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....