Local shoppers have the opportunity to pick up unprecedented bargains as the winter sales in Iraklion and throughout the townships continue through February 28 with store-front signs reading more like a sign of the times.

In gigantic block letters, sometimes reaching heights of 50 or more centimetres, retailers are offering discounts as high as 60 percent for some products, as many shops attempt to make up for losses from a slow Christmas season due to the financial crisis and, in some areas, by the violent events of last December.

Many of the smaller retailers see these sales as a last-ditch effort to survive financially, since the prediction for the rest of 2009 is for dismal consumer spending.

Alexandra Kanaki, from Athletes World in Hersonissos, which is offering discounts of 30 to 50 percent, told The Khronicles: "We started the sales in December, which is earlier than usual, due to the financial crisis and so far it appears to be going better than last year."

Nektaria Poulinaki of Modeling, a clothes, shoes and accessories shop in Hersonissos advertising discounts of 20 to 50 percent, agrees that this year's winter sale is a big help.

"The winters are very quiet in Hersonissos, so we do not get many people around," she said, "but we are getting more people in because of the sales. This year has been about the same as last year."

Eleni, a shop assistant in Iraklion's Hondos shop, which was extremely busy, reported that "the sales season so far is going well."

According to a quick survey and observations by a reporting team from The Khronicles, shoppers are enthusiastic about this year's sales and most retailers seem satisfied with the turnout by consumers.

However, the big question remains . . . what about the bottom line, or profits?

 Observers say that the battle for market share in retail is more cut-throat than in previous years, with big chains implementing more aggressive policies and widely advertising their discounts, and smaller companies – particularly in neighbourhood shopping areas – stressing their personal relationships with customers.

 Meanwhile, a list of advice to consumers to help them avoid the pitfalls of the sales period has been published by the Consumer Protection Centre (KEPKA), informing them of their rights.

The organization explained that retailers are obliged to take back and change goods bought in the sales that are faulty, unless the consumer was aware that the item was offered at a discount because of the specific defect. 

Consumers are advised to be wary of shop-front displays advertising discounts because they don't always apply to all the goods on sale.

KEPKA additionally advises a visit to shops to scout out prices before the sales begin in order to make sure that the items on sale are really a bargain.

For more information and to report problems or "fake" discounts, consumers can contact KEPKA at the number 2310 233333 between 9 a.m. and 2:30 p.m. for members and between12:30 and 2:30 p.m. for non-members.

Shop owners were also warned that they must ensure that both the old and new prices for the items on sale are clearly displayed and that the discounts advertised are correct.

Retailers may incur heavy administrative fines for misleading sale signs, which are paid first and can only be contested afterward.