The supermarket industry in Greece recorded a 3 percent decline in turnover, according to a report by market analysts ICAP. It was a blunt reversal of the 1.4 percent growth achieved in 2014. ICAP writes that the supermarket sector is one of the most dynamic sectors of the Greek economy. “The change in consumer behavior is expressed by shifting to fewer and cheaper products such as private label products,” said Nikos Tavoulari of ICAP Group.
The group’s prognosis for 2016 is that the supermarket sector will shrink further, but in 2017 will begin to recover with 1 percent growth in turnover figures.
