Christmas Eve once again lived up to its reputation as the most commercial day of the year, with 24 December serving as a key benchmark for Cyprus retail as supermarkets drew the bulk of shopping activity.
Marios Antoniou, general secretary of the Cyprus Retail Association (PASYLE), said malls and shopping streets bustled with activity in recent days, translating into significant purchases that sharply increased retail turnover.
Supermarkets absorbed the bulk of activity, whilst gifts, board games and electronics moved satisfactorily.
“We are absolutely satisfied with activity in the market,” Antoniou said, noting that 2025 is closing with record numbers for retail, making the year absolutely positive. He added that barring a shocking development, the new year will also move at a positive pace.
Asked how the days after 24 December went, Antoniou said shops were packed on 27 December following a two-day closure, whilst on 29 December, with the payment of the 13th salary to the public service, significantly increased activity was expected in the market.
The sector’s growth is impressive and visible in statistics, Antoniou stressed. He recalled that in October, a Eurostat survey ranked Cyprus among the top three countries for the largest increases in retail turnover volume.
The volume increase shows the market has grown, he explained, due to two basic factors: the excellent performance of tourism, with visitors to the island giving a huge boost to commerce, and foreigners who now live permanently in Cyprus and strengthen the market with their purchases.
After tourism, commerce as a whole is now the largest sector of the Cyprus economy, Antoniou noted. Estimates put retail’s contribution to GDP at around 16%.
Commerce is also the largest sector for employment, accounting for around 20 per cent of the total.
Turnover figures are striking. The food sector alone generates around €3 billion annually. Adding clothing and footwear, electronics, DIY and the rest of retail catapults the figure to staggering numbers.
Looking ahead to next year and the near future, estimates are optimistic and encouraging, provided no new emergency creates tensions in the region.
Antoniou said 2026 is expected to start strongly with winter sales beginning in the first days of January and focusing mainly on clothing and footwear.
The bigger picture shows confidence from Cypriot and foreign investors in the sector’s future: foreign chains are arriving or existing ones are strengthening their presence, there are waiting lists at malls for when a shop becomes available, and two more shopping centres are coming to Limassol.
Strong competition in the sector helps keep prices at attractive levels and prevents anyone from raising prices to unreasonable levels, Antoniou concluded. Consumers are now informed about prices and product variety, and buy what they need.