German retailers’ arms in the air as stores close

18.03.2020 - Petr Mazaylo
German retailers’ arms in the air as stores close
On Wednesday, Germany’s HDE retail association urged the government to give immediate state aid and tax relief so as to prevent the wide closure of businesses no matter how temporary. To date, the country had been losing 7 billion euros weekly.
 
In an interview, HDE President Josef Sanktjohanser had stated, “Massive loss of turnover is destroying thousands of independent companies and millions of jobs,”. He also informed the media that he had written to Chancellor Angela Merkel for aid.
 
The HDE had said that the closing down of shops would inevitably lead to a loss 1.15 billion euros worth of sales daily or 7 billion euros weekly.
 
“Many small fashion retailers, shoe and sports shops, perfumeries, furniture retail and electronics stores as well as department stores are affected,” Sanktjohanser had added.
 
Further, the HDE President says that online retailers were not exempt from the crisis as their sales fall from 20-30%.
 
Should the aid be delayed, the HDE forecasts that this would impact the country’s city centers permanently.
 
The HDE also lobbied that the government immediately defer tax payments bereft of interest alongside social security contributions due in March and April.
 
Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from Umarkets.com or Market Solutions limited." Cookies notification: “We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Continue
×

Help with deposit?