Retailers cut prices as they prepare for drop in buyers' revenues

The expected drop in Romanians' revenues following the upcoming public wages and pensions cuts, as well as the drop in consumption during the last year has lead several retailers to announce a long-term promotional sales. Real hypermarket has announced it would cut prices by as much as 20 percent on 300 products sold in its stores. “The Romanians' purchasing power will suffer after the drop of revenues, which will be felt in the entire society and moreover among those with low revenues. This is why we have chosen 200 products to begin with, such as sugar, oil, rice, pasta […], mainly those which cover the basic needs [...] The promotions program will be continued in the following months,” said Michel Lamooot, general manager of Real Romania. The stores in shopping mall AFI Cotroceni Palace have also announced they would sell products without applying the 19 percent VAT on all purchases during the week. The price cuts have been made by stores like Champion, Lovely Lauren, Ecco, Skiny, Podium Store, Navy's, Pepper, Killtec, Steak House, Ipekyol, Twist, Zig Zag, Lee Cooper, Aldo, Rafar Brands, Tatuum, Coyoco, La Femme, Brooksfield, Heavy Duty, Little Big, Lasardo, Reflections, Depot 96, Plus Optic, among others.