High expectations of the commercial world from the winter sales, points out the president of the Athens Trade Association Stavros Kafounis, in view of the start of the discount period. At the same time, it draws the attention of traders to the correct – in accordance with the law – presentation of price reductions.

“The winter sales season starts next Monday and businesses across the country are expecting a lot from it,” emphasizes Mr. Kafounis and adds: “It’s the season where the shelves have to be cleared of the previous season’s merchandise to be filled with new, spring merchandise. For this reason and throughout time, consumers are well aware that now is the time to find very large discounts to cover needs that, either due to limited disposable income, or due to -unfortunately- overpriced products, they did not. Expectations are high this offseason and I hope the results, which will be reflected as always in the big ESA survey at the end of the season, will be good for everyone.

Also, on the occasion of the new Price Reduction Law, I would like to inform the merchants of the whole country, that we have contacted the Ministry of Development and within the week the amendment to the application of the progressive price reduction without interruptions, which had a time limit of 30 days and which we will try to increase to cover the entire discount period”.

It is recalled that that regular winter sales start on Monday 8th January and expire on Thursday, February 29, 2024, while stores may remain optional open on Sundays 14 and 21 January 2024, proposed by the Athens Chamber of Commerce opening hours, 11:00 – 18:00.

Commercial enterprises should take special care in the following:

According to paragraph 2a of article 15 of Law 4177/2013, as amended by Law 5039/2023, in each price reduction announcement the previous price applied by the trader for a specified period of time before the price reduction was applied is indicated.

As a price reduction announcement, according to chapter 2 paragraph 8 of the new Code of Ethics on price reduction announcements (YA 35935/13-4-2023), is any announcement by the entrepreneur that he has reduced the price for a product with the following form:

– Either percentage (%), e.g. “20% off”.

– Either a specific amount, e.g. “10 euro discount”.

– Either indication of a new (lower) price together with the indication of the previous (higher) price that was applied. The previous value can be displayed in a deleted form e.g. “now 50 euros, before 100 euros” or “50 euros 100 euros”.

Previous price means the lowest price applied by the merchant during the 30-day period before the price reduction was applied.

When the product has been on the market for less than 30 days, the previous price is the lowest price applied by the merchant during the time the product has been on the market. Where the price is progressively reduced during the 30 days prior to the application of the price reduction, the previous price shall mean the price in effect prior to the application of the first of the successive price reductions.

Particular attention must be paid to complying with the provisions on rebates and reduced prices, as the penalties are heavy. Specifically, according to article 21 of Law 4177/2013, those who violate the law are subject to a fine of an amount equal to 1% of the annual turnover and in any case not lower than 10,000 euros.

In the aggravating case where the discounts are proven to be inaccurate or misleading, a fine is imposed equal to 2% of the annual turnover and in any case not less than 20,000 euros