The Greek economic activity has been declined dramatically in recent years as many sectors of the economy that cannot cope with the new state brought about by the economic crisis. An economic crisis can be described as the phenomenon when an economy is characterized by a continuous and noticeable decline in its economic activity. As an economic activity, we are referring to all the macroeconomic dimensions of the economy, such as employment, the national product, prices, investments, etc. The downturn in the supermarket sector, which is attributed to the country’s financial situation, has led to a decline in the household disposable income. The present study was carried out at the time of the economic crisis, concerning a productive sector of the Greek economy, where millions of euros are exchanged hands. The objective of the study was to explore the impacts of the economic crisis on the sector by using a series of financial indicators. The results point to significant effects on the efficiency and earnings of the major actors of the sector.
The economic crisis in Greece has provoked a number of financial problems in Greek firms in all sectors. High tax rates, low payments and in sequence low demand for goods and services are a few of the problems confronted by firms and consumers. Within the framework of the Memorandum, a number of different corporate efforts have become a cornerstone of economic recovery. An effective and critical factor for venture success has validated the networking along with entrepreneurial competencies (Kyrgidou Mylonas, Petridou, & Vacharoglou, 2021). The present work makes an effort with the assistance of visual tools and descriptive statistics to unveil the role of a retail market firm in the developing economy of Greece. Using an analytical presentation of financial and innovation initiatives in the retail market store chain of Masoutis and based on our findings we confirm a positive contribution to the country’s economic growth in a disproportionate rate to the country’s economic performance. The specific effect is attributed to the growth rates in employment, productivity and sales. Our findings are in line with Kyrgidou et al. (2021) since we implicitly confirm that well-organized initiatives concerning networking coupled with good marketing practices provide opportunities to firms for expansion, and efforts of this type may add value to the sector and the total economy opening the way to recovery from the economic crisis.
The economic crisis in the EU had severe impacts not only on the performance of the domestic economy but also on the living standard for the citizens. The extended spread of this crisis resulted in limitation in the disposable income and significant negative changes have taken place with negative consequences for the corporate economic performance and competitiveness (de Jorge Moreno, Castillo, & de Zuani Masere, 2010). Within the dominance of certain conditions of economic crisis, there are a few firms that act as lighting exceptions. The present work makes an effort, to unveil the role of selected supermarket retail chain stores in the performance of certain macroeconomic parameters and therefore to illustrate the mechanism through which the restoration of the economy in Greece becomes feasible. More specifically, based on data derived by Eurostat and Greek National Statistics with the assistance of the findings of present analysis that validate a significant contribution of the firms studied to macroeconomic parameters such as national income or employment it may provide policymakers with knowledge tools to promote corporate efforts of this type and in sequence to lead the macroeconomic system in a trajectory of economic growth.
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