Analysts: Month-on-month drop in retail revenues slows in June

The economic crisis and so-called shopping tourism led to a decrease in retail revenues in June of 11.3 percent year-on-year, according to the Slovak Statistics Office report on August 4.

The economic crisis and so-called shopping tourism led to a decrease in retail revenues in June of 11.3 percent year-on-year, according to the Slovak Statistics Office report on August 4.

However, analysts say this trend could turn around in the coming months. Revenues decreased less in June than in May, when their y-o-y drop was 12.3 percent. Shopping tourism carried on apace in both months and was therefore less of a factor than rising unemployment and the continuing drop in spending of the households affected most, according to UniCredit Bank analyst Dávid Dereník. He added that businessmen consider falling demand to be their main obstacle.

ING Bank analyst Eduard Hagara said that the strengthening of the currencies of neighbouring countries could be bringing people back into Slovak shops and will slow the fall in revenues. According to Dereník, rising fuel prices and cross-border competition among chain stores could contribute to better retail results. High unemployment and the gradual thinning of savings will work the other way, however, said Dereík. The Statistics Office reported that total retail revenues amounted to €1.44 billion in June, and added that this result was influenced mainly by revenues in stores specialising in household goods falling by 26.6 percent. "A decrease of revenues in speciality stores is logical during a crisis, because people go shopping in big chain stores that attract customers with various discounts," Dereník told the TASR newswire.

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

News digest: Green passes to be launched on Saturday, minister asks people not to sign up right away

Three other Delta variant cases confirmed in Slovakia. Travelling within the EU should be easier thanks to Green Passes. People in tourism optimistic about the upcoming season.


4 h
Marian Kocner and his lawyer at the Supreme Court

The wrong way to put things right

Overturning not-guilty verdicts, especially in cases as emotive as the Kuciak murder trial, is a very bad idea.


7 h
In 2020, the National Cybersecurity Centre was involved in investigating 450 ransom attacks.

North Koreans and Russians. How did hackers target Slovakia?

The security authority reported hundreds of attacks over the past year.


23. jún
Illustrative stock photo

First Delta variant case confirmed in Slovakia

The labs confirmed the strain in a positive sample from a person who returned from Russia.


23. jún