NICOSIA: Retailers in Cyprus are expressing significant satisfaction with the holiday season’s market performance, citing a notable increase in turnover during the festive period, according to statements made by Marios Antoniou, Secretary of the Cyprus Retail Trade Association, to the Cyprus News Agency.
According to Cyprus News Agency, Antoniou highlighted that the retail sector, particularly supermarkets and toy markets, experienced substantial success. The past week was particularly favorable for food purchases, as well as sales in shopping centers, shopping streets, and city centers. Supermarkets and toy markets garnered the lion’s share of the holiday business, with an increase in board game sales recorded. Clothing and footwear stores also saw significant foot traffic, though Antoniou noted that consumers typically wait for winter sales to make purchases in these categories.
Antoniou addressed the upcoming sales period, explaining that there is no legislative regulation governing when sales can begin, giving retailers the freedom to decide. Based on patterns from previous years, he estimated that discounts would likely commence on January 3.
Reflecting on the trading year of 2024, Antoniou noted it concluded positively in both turnover volume and value. He attributed the increase in value to rising product prices, but expressed satisfaction with the growth in turnover volume, suggesting a robust expansion in retail trade. The boost is partly attributed to tourism and the presence of foreign permanent residents, including Russians, Ukrainians, and more recently, Israelis, who have notably contributed to the sector’s growth.