The retail landscape in Greece is undergoing a significant transformation, with a notable decline in the number of retailers and a simultaneous concentration of market power. This trend, while not unique to Greece, is a global phenomenon that has been exacerbated by a series of economic crises.
The Rise of Retail Giants
Take, for instance, Sklavenitis Supermarkets, Greece's largest retailer, which posted a staggering €6.13 billion in total turnover for 2025. This figure is almost equivalent to the combined revenue of all mid-size retailers across various sectors. Similarly, ITX Hellas, a subsidiary of Inditex, reported sales of over €830 million, accounting for a substantial 22% of the country's clothing retail market.
A Tale of Two Crises
The financial crisis that began in the early 2010s, followed by the COVID-19 pandemic and the subsequent energy and supply chain crises, have taken a heavy toll on Greece's retail sector. According to ELSTAT data, the number of retail businesses has steadily declined, dropping from 189,404 in 2011 to 140,247 in 2023. This trend is estimated to have continued through 2024 and 2025, with over 50,000 businesses shutting down during this period.
Employment Dynamics
The impact of these crises is also evident in employment data. In 2009, just before the financial crisis hit, the retail sector employed a total of 569,239 people. By 2025, this number had dropped to 538,575. While the number of salaried employees increased, likely due to the rise of retail chains and extended opening hours, the number of self-employed, employers, and assistants decreased.
A Broader Perspective
What makes this particularly fascinating is the broader implications it has for the economy and society. The concentration of retail power can lead to a reduction in competition, potentially resulting in higher prices and less choice for consumers. Additionally, the decline in small businesses can have a significant impact on local communities, as these businesses often serve as social hubs and contribute to the unique character of a neighborhood.
In my opinion, this trend raises important questions about the future of retail and the role of government in supporting small businesses. It's a complex issue that requires a nuanced understanding of economic dynamics and their impact on society.
