CYPRUS: Retailers hoping for festive shopping rush to boost sales

Cyprus retailers are banking on the Christmas shopping rush to boost business at what is usually the busiest time of the year.

Most shops look to make up lost ground over the year during the last-minute rush to buy presents during the season-of-giving.

Volume at the island’s shopping malls is growing in anticipation of the Christmas and New Year holidays with shops looking to boost sales as Cypriots spend their 13^th salary on gifts.

Nicosia Mall – the island’s fourth and largest m all – is also benefitting from the improved consumer climate.

Nicosia Mall chairman, Marios Kalochoritis told Stockwatch that visitors to the shopping centre has surpassed all expectations with 550,000 already passing through its doors on 21 November.

Opening of the mall one month has also intensified competition between major shopping outlets during the festive season.

MyMall Limassol's managing director Andreas Hadjimitsi reported an increase of around 5% -6% in both traffic and turnover.

He said it was too early to tell how the Nicosia Mall would impact on the Limassol rival.

Marios Antoniou, the general secretary of the Cyprus retailers association told Stockwatch that the market is at the same level as last year while increased traffic is expected on 24 December, the busiest day in retail sales.

He believes a second mall in the capital was justified as it appears volume has increased both at Nicosia Mall and Mall of Cyprus.

General manager of Mall of Cyprus Hadjistyllis says there is a steady flow of consumers to shopping malls but pointed out the impact of Nicosia Mall would take 12 months to analyse properly.

He said the expansion of the Mall of Cyprus will be completed in March 2019 and additional parking spaces for costumers have been made available.