Dixons braces for looting and riots in Greece
DIXONS has spent the last few weeks stockpiling security shutters to protect its nearly 100 stores across Greece in case of riots.
Dixons, Europe’s second biggest electrical retailer, owns Greece’s market leading but loss-making Kotsovolos chain, which has a 25-per cent market share selling iPads and laptops as well as washing machines, televisions and air conditioning units.
Chief executive Sebastian James said the company has contingency plans to shutter up its 69 wholly owned and 29 franchised Greek stores and close them in the short term to protect against any threat of civil unrest and prepare for a switch to a new drachma.
Greece accounts for just over three per cent of Dixon’s annual sales of around £8.2bn.
Dixons, using its experience of dealing with riots in London and other British cities last summer, has ordered enough shutters to protect its stores and is working with the Greek police and security groups.
The group’s sales dipped nine per cent in Italy, Greece and Turkey in the year to late April. The group does not split out Greek sales, but these three nations make up around seven per cent of the group’s annual sales.