The Government has pledged during the latest negotiations with the IMF to eliminate these restrictions by end-January 2012, after it failed to observe the September 2011 deadline set this spring.
“We are committed to improving entry into retail markets to maintain a competitive environment, encourage innovation and increase efficiency. In this regard, we will eliminate by end-January 2012 undue barriers for opening large surface retail stores,” reads the new letter of intent the Government negotiated with the IMF and the EC.
Under current legislation, adopted in 2004, opening retail stores with a floor area that exceeds 1,000 square meters must be authorized by a commission made up of representatives of the local authority, professional organizations, as well as representatives of the retail industry competitors in the respective area.
Retailers which want to open large stores are also required to present a market impact research.