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Cyprus is the largest Mediterranean island after Sicily and Sardinia. Cyprus is a crossing point between Europe, Asia and Africa. Neighboring territories include Greece, Syria, Lebanon, Egypt, and Turkey.
Tseriotis Consumer Goods is located in the Industrial zone at Latsia in Nicosia, the capital of Cyprus. Nicosia is located in the center of the island and is 62 km far from the biggest port of the country.
Economy
The Cyprus economy is prosperous and has diversified in recent years. According to the latest IMF estimates, its per capita GDP is, at EUR 20,793, just above the average of the European Union. Cyprus has been sought as a base for several offshore businesses for its highly developed infrastructure. Economic policy of the Cyprus government has focused on meeting the criteria for admission to the European Union. Adoption of the EURO as a national currency is required from all new countries joining the European Union, and the Cypriot government adopted the currency on January 1st 2008.
Cyprus Retail Segment & Consumers
The retail and consumer sector is developing rapidly in Cyprus as in Central and Eastern Europe especially following the accession of Cyprus to EU in May 2004. This development has signaled a period of uncertainty for companies in the industry where traditional boundaries that used to define geography, store types, trade channels, trading partners and organizations functions are very volatile. Companies in order to be successful must be able to respond quickly to increased competition and regulatory changes. Consumers are becoming more demanding and able to shop around in order to pay less. New competitors are continuously entering the market coupled with the impact of e-commerce, smartcard schemes, and parallel importing. Companies in the sector must rethink their earnings strategies and look to new efficiencies to drive bottom line growth. Maintenance of margins through balancing costs and pricing will remain a challenge in this ever-competitive industry.
The major players in the Fast Moving Consumer Goods Cyprus Trade are the following outlets: Carrefour with 15 stores by the end of 2009, Orphanides with 24 stores islandwide, Alpha-Mega and Papantoniou with 5 stores each, Athienities with 1 store in Nicosia, HERMES – British Forces with 5 stores and Metro with 5 stores islandwide. Further there are also 40 Parallel Trade & Private Label Stores islandwide such as Smart Prices, Plus, Shop Smart, Elomas and other Discount Stores.
For more Cyprus Economic Indicators you can visit the following websites:
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