# Greek retail and hospitality sectors face economic pressure > Live situation record from CLSTR: https://clstr.news/situations/piraeus-retail-sector-economic-downturn > Updated: 2026-08-27T04:36:31.000Z. Sources: 28. Developments: 3. The economic downturn in the Greek retail sector has intensified, with recent data highlighting significant challenges for both retail and hospitality. While summer sales turnover may approach 7 billion euros, industry leaders warn this figure masks a lower volume of purchases and severe liquidity pressure on small and medium-sized enterprises (SMEs). By late August 2026, the scope of the downturn remains broad. Approximately 71.3% of SMEs reported lower turnover compared to the previous year. In the second quarter of 2026, ELSTAT data indicated that retail turnover (excluding food, vehicles, and fuel) fell by 3.7% in real terms, with large enterprises experiencing a 6.1% drop. While the accommodation sector saw a 6.5% increase in turnover, the catering and hospitality sector declined by 2.5%. New reporting from the SEEE Institute confirms that the second-quarter decline in commercial turnover was more severe than in the first quarter. The downturn impacted business sizes unevenly: large enterprises saw a 6.1% drop, while very small and small businesses fell by 3.8% and 3.2%, respectively. Medium-sized enterprises were the only segment to show growth, increasing by 2.3%. SEEE President Stavros Kafounis attributed these trends to reduced consumer purchasing power driven by cumulative inflation, rising housing and energy costs, and shifts in consumer behavior. Other contributing pressures include the impact of multinational digital platforms, limited liquidity, increased operating costs, and high tax and insurance burdens. Business leaders continue to call for legislative reforms to address unregulated discounting and stricter enforcement of the ‘Withdrawal Button’ for online shoppers. ## Claims - Summer sales turnover is expected to approach 7 billion euros. (single source) - 55% of businesses reported lower turnover compared to 2025. (single source) - 73% of businesses attribute market weakness to limited purchasing power. (single source) - BOX NOW turnover increased by 127% to 34.8 million euros from 15.3 million euros. (single source) - BOX NOW EBITDA turned positive at 2.52 million euros in 2025, up from negative 3.4 million euros in 2024. (single source) - 91% of BOX NOW sales are derived from e-shops. (single source) - 36.6% of Consumer Ombudsman reports in a single year related to distance shopping. (single source) - A market supervisory authority imposed a 150,000 euro fine on an e-shop for non-delivery of paid products. (single source) ## Timeline ### 2026-08-27: Greek retail turnover declines as SEEE reports sector downturn The SEEE Institute reports a 3.7% decline in Greek retail turnover for Q2 2026, with large enterprises seeing a 6.1% drop due to inflation and rising operating costs. 2 sources. https://clstr.news/cluster/greek-retail-turnover-declines-as-seee-reports-sector-downturn ### 2026-08-24: Greek retail and hospitality sectors face economic pressure Greek retailers and SMEs face declining turnover and liquidity due to reduced consumer purchasing power and competition from e-commerce, despite stable summer sales figures. 26 sources. https://clstr.news/cluster/piraeus-chamber-president-reports-stagnant-growth-in-summer-sales ### 2026-07-30: Piraeus Retail Sales Slip as 55% of Shops Report Lower Turnover in First Month of Summer Discounts 55% of Piraeus retailers saw lower turnover in the first month of summer sales, blaming limited household purchasing power and e‑commerce competition; officials hope August will improve the outlook. 12 sources. https://clstr.news/cluster/piraeus-retail-association-reports-decline-in-summer-sale-turnover-amid-weak-buying-power --- Cite as: Greek retail and hospitality sectors face economic pressure. CLSTR, https://clstr.news/situations/piraeus-retail-sector-economic-downturn