Greek Retailers Stocking Up On Shutters In Case Of Riots, Alcohol Inventories Plunge

Tyler Durden's picture

While America may be experiencing the occasional zombie apocalypse breakout, probably due to the absence of easily available edible iPads, Greek retailers are preparing for the retail version. "British electrical retailer Dixons has spent the last few weeks stockpiling security shutters to protect its nearly 100 stores across Greece in case of riot. The planning, says Dixons chief Sebastian James, may look alarmist but it's good to be prepared." Why Dixons? "Europe's No 2 electrical retailer Dixons owns Greece's market leading but loss-making Kotsovolos chain, which has a 25-percent market share selling iPads and laptops as well as washing machines, televisions and air conditioning units." There we go: Bill Dudley's edible iPads. The question is what happens when this easily digestable piece of plastic is thoroughly looted after local rioters dispense with the "shutters" supposedly protecting their wares. What will be on the menu next? Sadly not booze: "Diageo, the world's biggest spirits group and the name behind Johnnie Walker whisky and Smirnoff vodka, has reacted by slashing its marketing spend in Greece, reducing stock levels and pulling cash quickly out of the country after it saw its Greek sales halve in the last three years to less than 100 million pounds." So: no food, no booze, no cheap 99 cent iPad aps: this is the way the world's most miserable monetary experiment ends.

Who else is preparing for a peak in rioting, and how?

Company bosses around Europe agree. As the financial crisis in Greece worsens, companies are getting ready for everything from social unrest to a complete meltdown of the financial system.


Those preparations include sweeping cash out of Greece every night, cutting debts, weeding out badly paying customers and readying for a switch to a new Greek drachma if the country is forced to abandon the euro.


"Most companies are getting ready and preparing for a Greek exit and have looked at cash, treasury and currency issues," said Roger Bayly, a partner at advisory and accountancy firm KPMG.


Chief Executive James says 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 3 percent of Dixon's annual sales of around 8.2 billion pounds. The company competes with Europe's No 1 electrical chain Metro and with a number of local players which James says may struggled to survive in a crisis.


"We know it would put paid to quite a lot of our competitors and give us an opportunity to get more of a market share. So we are ready and we would be very interested to see how it would turn out," said James.

Dixons should know what is the rioter's pick du jour:

Dixons, using its experience of dealing with riots in London and other British cities last summer - big flat-screen televisions were the looters' booty of choice - has ordered enough shutters to protect its stores and is working with the Greek police and security groups.


The group's sales dipped 9 percent 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 7 percent of the group's annual sales.

The 6 Greek Cs:

"Businesses need to build in protection by checking payment terms, sweeping cash out of subsidiaries and into other currencies and check on the vulnerability of suppliers," said Martin O'Donovan, ACT's deputy policy and technical director.


KPMG's Bayly advises his clients to check the six Cs when preparing for a possible Greek euro exit: cash, contracts, continuity, counterparties, control and commercial. He believes that automotive companies, tour operators and pharmaceutical groups would see the biggest immediate disruption from an early euro exit by Greece.


He argues most companies are well prepared on cash issues and contracts with suppliers, but less so on how they would cope with business continuity in the immediate aftermath of a euro exit.

The worst news? No more booze:

Diageo, the world's biggest spirits group and the name behind Johnnie Walker whisky and Smirnoff vodka, has reacted by slashing its marketing spend in Greece, reducing stock levels and pulling cash quickly out of the country after it saw its Greek sales halve in the last three years to less than 100 million pounds.


Diageo has weekly meetings aimed at cutting its exposure to Greece, protecting remaining sales by bolstering its own in-house distribution network, halting supplies to some small bars and focusing on high-end hotels and clubs.


Diageo's Chief Marketing Officer Andy Fennell says its Greek sales are still falling. The once big Johnnie Walker market has already shrunk and now accounts for less than one percent of the group's 10 billion pound annual turnover.


"There could be a marked impact on Greece but the big question is what happens elsewhere across the eurozone," Fennell said with an eye on Diageo's bigger troubled markets inside the eurozone such as Spain and Ireland.

The best news: new drachma will be well stocked and easily available:

De La Rue, which as the world's biggest commercial banknote printer produces more than 150 currencies, has made no comment. Analysts say Greece could have to turn to outside printers because of the sheer quantity of banknotes needed.

Of course, if after reading this any Greeks are still not utterly terrified of what their vote for Syriza would bring (nothing but Keynesian fire and brimstone), very soon precogs will be released to arrest any and all who dare to vote for ending a disastrous monetary experiment which will eventually unleash what happened in Miami over the weekend, worldwide.

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And so it was. The end. 

mcguire's picture

not with a bang, but a whimper..



THX 1178's picture

We'll see what bang(s) the false flag brings.

mcguire's picture

that is the thing.. they dont even need 'false flag' attacks anymore, a mere underwear bomber will do.  the greek populace is apparently falling for bernaise-type tactics, democracy wilting in the face of scare tactics...  i am routing for the grexit, but i dont think it will happen.  


the consolation prize is that there is still time to get PMs at fire-sale prices.  the failure of greek voters will slingshot the euro higher, and PMs will get a double boost higher as it will trade with all of the other "risk assets" (ironic) and will benefit from the relative weakening of the dollar.  

mcguire's picture

not spam, just a decent article on why the euro is about to surge..

THX 1178's picture

Long EUR huh? Whether or not the exit comes in an obvious way-- written in headlines-- doesn't matter, the bank runs (already underway) will kerplode the EU anywho.

Matt's picture

You read it here on Zerohedge first, folks: Quantitative Easing causes Zombification!

Buck Johnson's picture

It doesn't matter if a govt. that is centralist does get voted in, they still won't do the austerity beause they just can't.

Oh regional Indian's picture

Funny thing is, pretty soon, with every "thing" tagged and chipped and locatable, the thieves will have a hard time hiding their loot. 

Seriously, imagine a cop with some kind of a "Scan", just drivign around a neighbourhood and saying "Hey, you, you didn't pay for that iPad you just ate", stolen from ElekTroniki on.....

They're half way there to doing it to humans, what of the machines?

RFID baby, it's what's for din-din!



Chaffinch's picture

Interesting it should be Dixons in the news. Egon Von Greyerz (of Matterhorn Asset Management) used to be their Finance Director - I wonder if Dixons have converted their Euros into Gold?! If so they may need more than shutters to keep the stores safe!

The Big Ching-aso's picture



Sales of molotov cocktails however are on fire.

goldfish1's picture

Sales of molotov cocktails however are on fire.

What an opportunity for cottage industries if one can think ahead. Got hooch, bitchez?

Overfed's picture

I keep harping this point: There is absolutely no reward for honesty when dealing with any gov't official, especially police. Whenever dealing with a cop; STFU!

junkyardjack's picture

This is getting serious, if there's one thing Europe doesn't need it's sober citizens.  US needs to start air dropping Jack Daniels supplies ASAP....

Long-John-Silver's picture

How do you say "Moon Shine" in Greek?



fasTTcar's picture

Long copper tubing and pyrex!

Freewheelin Franklin's picture

I don't know, but it isn't cold enough in Greece to make apple jack.

francis_sawyer's picture

goes great with human flesh & a side of pinto beans...

The Big Ching-aso's picture



When a full moon shines in Athens you know what comes next.

WmMcK's picture

That depends -- oh you mean the alcoholic one (not butt glow).

Ol Man's picture

Speaking of US zombie outbreaks...

You can't make this shit up!!!  Its like world economics!!!



THX 1178's picture

The EU is currently eating Greece's face. As above, so below.

The Big Ching-aso's picture



It was just a couple of guys getting off the internet & finally spending some real face time together.

rbg81's picture

The thing about rioting is that it only works once.  I wonder if the rest of the world will learn anything when the Greek socialist experiment inevitably degenerates into cannabalism.  Methinks not.  There will still be Marxist professors who teach that down is up and idiots willing to listen to 'em.

magpie's picture

The rioting is sometimes there to promote a "flight to safety".

Just saying. And the marxist professors might as well take a field trip to Cambodia.

Freewheelin Franklin's picture

Yeah, just like those white Middle Class surbabnite Marxists should.

GeneMarchbanks's picture

You started lying way before but gave yourself away with "Methinks".

I know it's popular to blame words, especially 'socialism' but I'd love to hear more from you about this Marx character who you have clearly read carefully. Please, do elaborate on the Greek socialist problem and then feel free to expand to the world.

FlyoverCountrySchmuck's picture

"Please, do elaborate on the Greek socialist problem"

Too easy...

The rats were promised FREE CHEESE! in return for voting leftist/Socialist. Now, those rats want the FREE CHEESE! they were promised, they 'Paid!" for it already. (They didn't, of course. They were paying for those who previously got the free cheese for votes). And they don't give a damn who has to pay for it, now.

Greece is a living proof of THE THATCHER RULE:

"Socialism only works until you run out of Other People's Money to spend."

GeneMarchbanks's picture

Thank you. I rest my case which is: bring back CAPCHA.

Freewheelin Franklin's picture

In Cuba, one of the first things ransacked were the casinos. Unfortunately, it was the country's primary source of income (next to cigars, of course). We'll see if the Greeks make the same mistake. A devalued drachmae would be good for tourism. 

GeneMarchbanks's picture


A devalued drachmae would be good for tourism.

You sure are smart mister, whaddya some kind of economist? Please refrain from recycling BBC talking points on this board as it's a diminishing sanctuary from the mountains of garbage out there.

Meanwhile back in actuality, Egypt has a vibrant tourist industry. Did I say has, I meant had. It turns out, even after a massive devaluation no tourists are lining up for their pyramids or beaches, not sure why maybe it has something to do with the social mood of the locals and not wanting to be part of a military dictatorship. You know, kinda like Greece.

Freewheelin Franklin's picture

For your information, that was from Mr Farage, not the BBC. Perhaps instead of comparing it to Egypt, you should look at Iceland. Now piss off.

GeneMarchbanks's picture

Farage, BBC same shit. Iceland is irrelevant. You're confused.

Freewheelin Franklin's picture

As are you and the rest of the fucking Eurofanatics.

GeneMarchbanks's picture

Facts remain. Eurofanatic?! Lowwd... I'm fully aware of this sad religion as well, nope not a Temple goer like yourself.

You're either an idiot or CoL shill. My bet? Both.

Doña K's picture

I think diarrhea is hereditary. It Marches in your Genes Mr. Banks.

Nothing to do but bombard everyone down instead of putting out some thoughtful commentary of any kind.

According to psychologists, based on your behaviour, you most likely work for the gov. and your wife beats you.

GeneMarchbanks's picture

Luckily for me psychologists are about as scientific as economists.

I bombard idiots and corporate shills like you, sure.

Ghordius's picture

LOL - reminds me how stevie the pi-rat goes berserk when he smells trolls asking basic questions about gold. ;-)

Temporalist's picture

Greece is nothing like Egypt.  Egypt = Desert; Greece = Beaches.  Egypt is also a Muslim country (which has been a deterrent for many) and Greece is not.  Also Greece is part of the continent and can be traveled to via land transport.


So on an equal time window after any riots/collapse Greece will recover much quicker when they find stability than Egypt would.

Doña K's picture

1 day in Giza 1/2 a day in the Cairo Museum and 1-1/2 day in Luxor and you're done.

GeneMarchbanks's picture

Nice. A mis-informed idiot and a corporate shill, a two-fer. Inform yourself before revealing the inside of your skull is a desert:

Yes, you're both on point. There are no resorts/hotels on the Mediterranean, Pyramids or Red Sea attractions at all.


JustObserving's picture

Just get some Poppy fields.  The Afghanistan opium crop is about 53% of the licit GDP.

"The price of opium is estimated at 17 times the price of wheat, which is the alternative crop that farmers are encouraged to grow. Wheat is also more vulnerable to disease and requires more water."

Yes, opium can replace alcohol and produce a return 17 times higher than wheat. Legalize it and sell it in your coffee shops now that Amsterdam is closed for business. With all your ships, transportation will be a snap.  

And you pay no taxes ... wait, wait ... you never paid taxes. Is there a word for tax in Greek?? Christine Lagarde thinks not.

roadhazard's picture

No, no, the US Military got rid of all the Poppy plants.

"Just Say No" ~ Nancy



JustObserving's picture

I know they will be competing with the CIA but these are desperate times.  Meanwhile, opium production in Afghanistan continues to flourish under USA's freedom and democracy initiative. Putin continues to protest as more Russians get addicted.

Mitzibitzi's picture


Oh, no... sorry, that's 'tax evasion' - must be further down the page, somewhere. Let me see;

tax dodger - nope

tax free - nope

tax collector (see 'Robber') - nope


Temporalist's picture
Tajikistan tackles thriving heroin trade


Paid for by the EU...

i-dog's picture


"the world's most miserable monetary experiment"

It wasn't an 'experiment', it was a deliberate 'device' ... to regain the riches from the middle class that, prior to the rise of the middle class during the industrial revolution, were the sole preserve of the nobility (war-mongers), aristocracy (mercenaries, slave traders, and drug dealers) and the Roman Church (facilitators of the status quo).