Insider Business Small retail sector in Cyprus not so small

Small retail sector in Cyprus not so small

The small retail sector in Cyprus may not be as small as most people seem to think, according to an iMinder survey.

Specifically, 71% of small retail stores are of great potential with an average area of over 113sq.m. The survey covers small retail stores throughout Cyprus such as kiosks, mini markets, bakeries, canteens and gas stations. And it shows that these establishments have evolved and are no longer as traditional as they used to be because of the rising number of suppliers. On an average, these are 55. Another reason is because these establishments now also use online stores for their supply, according to iMinder.

Another interesting finding is that 3% of these establishments come under the category of ethnic stores since they offer products from the Far East, Bulgaria etc. At the same time, most of them also have products of big brands on their shelves and are structured like a modern Mini Market. As for the mentality of small retail entrepreneurs, what is of interest is that the ex-van or even a call centre is not their preferred way of doing business. In fact, 74% of administrators/managers have said that they prefer receiving an order from a seller.

When it comes to categorisation, the study reflects the actual momentum of these stores since a number of them now declare themselves as kiosks even though they are actually Broad Street Convenience Stores. And others call themselves bakeries even though they are reinforced with a variety of products such as take away food, premium coffee, crepes, etc).

The survey also focused on the locations of these small retail stores in relation to their categories.  Some are located on main streets and avenues and others in suburbs and this leads to a different potential (commercial, population, income criteria, etc). The spreading out of these establishments from one district to another is also significantly different, and this affects the route and visits by salespeople from  Logistics and Sales departments, respectively.

 

Read more:

 

https://in-cyprus.com/state-borrows-e7-2-mn-through-6-year-retail-bonds-issue/

 

Top Stories

11 new Covid cases in Cyprus, number steadily down, tests rising

  11 new cases of Covid-19 were announced today in Cyprus, out of a total of 3,314 diagnostic tests, taking the total number to 1233. New...

Police fire tear gas at Beirut protesters furious after explosion

  Lebanese riot police fired tear gas at demonstrators trying to break through a barrier to get to the parliament building in Beirut during a...

82 year old killed in Paphos while trying to move his car off the pavement-victim named

  An 82 year old man was killed this morning in Paphos, as he was trying to move his car away from a pavement near...

Paphos fire has scorched 5 square kilometres, still raging, destruction ‘biblical’ (update)

  A fire that broke out early this morning near the Paphos community of Archimandrita and spread on a 20 kilometre front near the villages...

Brazil COVID-19 deaths reach 100,000 and barrel onward

  Brazil’s death toll from COVID-19 is expected to hit 100,000 today and continue to climb as most Brazilian cities reopen shops and dining even...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...