25% of Athens based commercial properties are lacking tenant
25% of Athens based commercial properties are lacking tenant
  Economy  |  Retail  |  Athens-Pireaus-Attica  |  Analysis  |  Retail

25% of Athens based commercial properties are lacking tenant

What was shown by the large survey carried out this year, for the second year, by the Athens Chamber of Commerce and the Athens University of Economics
RE+D magazine

Almost one out of four retail stores in the center of Athens remain closed (increased to 22.9% of the total compared to last year which was 22.4%) while they are gradually being converted into tourist accommodations at the expense of the two other dominant uses of retail trade and catering.

These types of property uses appear to decrease and be displaced by tourist accommodation in relation to 2022 from 46.1% to 43.7% and from 14.9% to 14.4% respectively, with accommodation almost doubling from 2, 9% to 4.1%

How vulnerable are catering establishments that have a shorter life cycle than other uses as new catering establishments open and existing ones close with greater frequency.

On the positive side, the durability shown by the concentration of stores of the same category on certain streets of the commercial triangle, giving them thematic content and a special color, such as the Silversmiths' workshops in Perikleous and Kolokotroni, the kigaleria items on Vissis Street, fabrics, linens on Nikiou Street.

On the other hand, shops selling tools, construction materials, and household equipment on Athinas Street tend to disappear, while shops selling electrical appliances on Dragatsaniou Street no longer exist.

This results from the research on land uses in the commercial heart of the capital, carried out this year, for the second year, by the Athens Chamber of Commerce with the Athens University of Economics and the assistance of the Municipality of Athens.

This particular survey is the largest recording of commercial activity in Athens with 100% census coverage of the shopping center and is the largest field mapping of entrepreneurship in Greece and one of the largest internationally.

According to the data of the research, in the shopping center of Athens there is a wide variety of stores and thematic specialization in individual streets, offering a greater variety of products and shopping options than the largest shopping centers (malls), while at the same time the consumer experience is enriched with the unique history experience and the atmosphere of the city.

As noted by the president of the Athens Chamber of Commerce, Stavros Kafounis, "we know that without correct data, long-term planning and proper targeting by the local government and the state is impossible, and it is also impossible to make the right decisions for taking business risks. Our next goal is to expand the registration and cover all the local markets of Athens and, why not, the whole country".

For his part, the rector of OPA Dimitris Burantonis, said: "The strategic importance of the research will help to understand market changes and is a critical tool for the strategic decisions of adapting to the modern economy of retail and wholesale businesses of products and services" .