Business Associations Urge Shop Hour Liberalisation
The Cyprus Chamber of Commerce and Industry and the Employer's Federation have proposed that shop hours be liberalised so that the retail sector can stay open on Wednesday and Saturday afternoons as an antidote to the economic crisis engulfing the island.
This can be piloted for two years and would help create many new jobs and enhance development, says the CCCI. It is a measure that can be implemented quickly, immediately and without any costs to the state, said the associations in a joint statement.
It is a measure that has been successful in many European countries, Russia and the USA, and the most recent example is in Italy, whose new government headed by Mario Monti has recommended full liberalisation of shop hours.
Extending open hours on all the days of the week would create new shifts, as has been shown during tourist season, when shops are open later and do not shut on Wednesdays and Saturdays in designated tourist areas.
Shops will receive increased revenues and the state would receive more income from taxes, says the CCCI.
In 2012, the CCCI expects around 400,000 more tourists after special incentives offered by the government and Hermes Airports. An expected 400 million euros will be generated by this influx, says the CCCI. The retail sector should take advantage of this and stay open longer to serve visitors, says the CCCI.
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