Previous post Next post

Swiss Retailers Suffered Lacklustre Sales growth in 2017

Swiss retailers suffered lacklustre sales growth in 2017

The German group Zalando is now the number one e-commerce company in Switzerland (Keystone)

Switzerland’s retail sector failed to profit from a weaker franc and improving economy last year and business remains sluggish, according to a Credit Suisse report.

Retail sales increased by 0.1% in 2017 after two years’ decline, Credit Suisse noted in its annual industry surveyexternal link published on Tuesday.

Retailers were expecting better figures in view of the improving economy, said Credit Suisse’s retail specialist Sara Carnazzi Weber. This is partly down to residents’ stagnating purchasing power and fewer immigrants – and therefore consumers – in Switzerland.

The steady weakening of the franc against the euro was generally good news for Swiss retailers, however.

“Cross-border shopping has dwindled, but the decline has not been huge. The amount of money spent abroad remains high and hurts border areas,” she acknowledged.

Competition remains tough online. The German group Zalando is now the number one e-commerce company in Switzerland, generating CHF624 million ($635 million) in sales in 2017, followed by Digitec Galaxus, which is controlled by the Swiss supermarket giant Migros.

Overall, the situation is unlikely to improve drastically in 2018. Credit Suisse believes retail sales growth will remain sluggish, forecasting growth of 0.3%, compared to a 1.7% increase in gross domestic product (GDP).

Full story here
About Swissinfo
SWI – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.
Previous post See more for Swiss Markets and News Next post
Tags: ,,,,

Permanent link to this article:

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>