Declining retail turnover in 2025, more pressure on small companies

The decline in turnover is most noticeable in small (-3.9%) and micro (-2.9%) businesses, shaking their viability. St. Kafounis for support. The analysis of INEMY - ESEE.

Published: 24 February 2026 - 12:22

This article is an AI translation of an original piece published in Greek. Read original

In 2025, turnover in real terms in the retail tradewill shrink by 0.4%[+2.0%] compared to 2024, according to data from INEMY ESEE.

However, the most worrying development is that the decline in turnoverseems to have been consolidating over the last three years, aspointed out in a statement by the Hellenic Confederation of Commerce and Entrepreneurship (ESEE).

Based on the ESEE Institute's analysis of turnover trends in retail stores excluding food, vehicles, and fuel in the fourth quarter of 2025 and for the whole year, ESEE PresidentMr. Stavros Kafounis, stated:

"The analysis by the Hellenic Retail Business Association Institute unfortunately confirms our warnings that 2025 was a year of contraction for the retail trade in real terms. The decline in turnover is most noticeable in small (-3.9%) and very small (-2.9%) businesses, undermining their viability. At the same time, higher sales in large businesses (+5.6%) and to a lesser extent in medium-sized businesses (+2.1%) are usually offset by excessive operating costs.

Two factors are particularly worrying: a) that even in nominal terms, the retail trade as a whole is recording its lowest turnover growth since 2020, and b) that in real terms, this is the second consecutive year of contraction (-0.4%) for the strongest sector and largest employer in the economy. The government should be concerned by the fact that both domestic consumption—due to reduced purchasing power—and increased tourism revenues are mainly directed toward and bolstering the food sector. At the same time, the tightness in the market is also confirmed by the gradual increase in store closures and uncovered checks.

Given that the situation has not improved in the first two months of 2026, the figures now clearly indicate the need for a fairer approach to the most interconnected sector of the economy in terms of taxation and labor.

Regulations thatreduce tax and social security burdens,facilitate access to financing, reward consistency, and regulate the sector are now absolutely essential for the survival of thousands of SMEs. regulations that will reduce tax and insurance burdens, facilitate access to finance, reward consistency, regulate overdue debts in a sustainable manner, and protect healthy competition. In order for trade to play its role as a catalyst and accelerator of growth, it needs new financial tools to support it in the "marathon" of its digital transformation, as well as updated policies that will integrate it fully with tourism, agri-food, and industry.

Retail Trade Development in Retail Stores

• In 2025, large enterprises recorded a significant increase in their real sales of 5.6% [+8.2%] (Figure 2).

• In contrast, forSMEs in the retail sector as a whole,turnover, adjusted for inflation,fell significantlyby 2.4% [0.0%].

The structure of turnover in SMEs

• Invery smallenterprises, sales excluding upward inflationary pressures fell by2.9%[-0.4%] compared to last year (Chart 3).

•Small enterprises appear to be under greater pressure, asin real terms the decline in turnover amounted to 3.9%[-1.5%].

• Medium-sized businessesare in a much better position,with their real turnover increasing by 2.1%[+4.7%]in deflated prices.

Analysis of the fourth quarter of 2025

• Inflation-adjusted turnover remained flat (0.0%) [+2.0%] in the fourth quarter of 2025 compared to the corresponding quarter of 2024 (Chart 4).

• Large enterprises recorded a significant increase in real turnover of 5.1% [+7.6%], whileSMEs recorded significant losses of1.9% [+0.4%] (Chart 5).

• Excluding inflation, sales formicro-enterprises fell by 3.4% [-1.2%], for small enterprises by 1.7% [+0.5%], while for medium-sized enterprises they increased by 5.4%[+7.9%].

Important data on the evolution of turnover in retail trade excluding food/vehicles/fuel

• In absolute terms, the increase in turnoverfor 2025 amounted to €545.2million, with total turnover for the period standing at €27.33 billion, up from €26.79 billion in 2024.

• In fact, the increase in turnover in 2025is the lowest since 2020.

• Only a small portion of the 9.4% increase in tourism receipts, which amounted to €23.63 billion in 2025, was directed to trade. This finding calls for further action to redefineGreece's brand name as a shopping destination.

• The very strong percentage increase in the category "Retail trade ofsecond-hand goods in stores" (+31.7%) in 2025 may signal a shift by consumers towards cheaper and lower quality products, not by choice but by necessity.

• In 2025, in individual retail categories (excluding food/vehicles/fuel) and in real terms, the largest increases in turnover were found in the following categories: "Sports equipment" (+5.7%), "Computers and peripherals" (+5.2%), "Toys" (+4.7%), "Cosmetics and beauty products" (+4.0%), "Lighting, furniture, and other items" (+3.7%).

• On the other hand, the categories with the largest actual decline in turnover include: "Telecommunications equipment" (-10.2%), "Carpets, rugs, and floor coverings" (-8.7%), "Newspapers and stationery" (-7.5%).

• Sales in the "heart of traditional trade," i.e., clothing and footwear,recorded disappointing performance bothin current prices (Clothing: +0.6% and Footwear: -3.2%) and in inflation-adjusted prices (Clothing: -1.8% and Footwear: -5.6%). This development also reflects the reduction in consumers' disposable income for purchases.

• The reappearance of uncovered checks in the market, particularly in sectors with low profit margins, highlights the liquidity crunch in the market and calls for measures to be taken. Of course, the figures are not reminiscent of the crisis period, but the rise in these checks accelerated in the last months of 2025. Therefore, the immediate reinstatement of the 120-installment measure for debts to the state and the easing of insurance and tax obligations are required.

• More generally, weak and without the possibility of a dynamic recovery, trade performancemay limit the projected rate of economic growthdue to the latter's traditionally very strong dependence on consumption.

•Turnover for the fourth quarter rose to €174.93 million,with total turnover for the period standing at €7.62 billion, up from €7.45 billion in the same period last year.

•Analysis by region (2025/2024) (excluding food/fuel/vehicles): Theregions of Attica (+3.6%) and the Ionian Islands (+3.0%) showed the strongest increases in turnover during the reference period. In contrast, the regions with the most significant declines in turnover include those of the South Aegean (-2.4%) and Western Macedonia (-2.1%).