High street retail still the dominat factor of the Greek CRE market
High street retail still the dominat factor of the Greek CRE market
  Retail  |  Greece  |  Analysis  |  Retail

High street retail still the dominat factor of the Greek CRE market

A Cushman & Wakefield Proprius' recently unveiled report.
RE+D magazine

The economic recovery and tourist arrivals have continued to pick up pace in the city center where there is an increase in demand for retail properties and a limited supply of prime spaces.

According to a recent analysis by Cushman & Wakefield Proprius, the retail sector that is focused on providing value continues to perform well. The report highlights that in the last quarter of 2023, 50 transactions were recorded across various markets in the country, which is consistent with the previous quarter. Additionally, the report mentions that high street retail continues to be the dominating segment, accounting for most of the new leases.

Remarkable new "openings" 

Several new stores have recently opened across Greece. Notable additions include the Holland & Barrett chain with stores in Chalandri, Nea Smyrni, and Hellinikon in Athens, the Oysho chain on Tsimiski Street in Thessaloniki, and Pandora with a new store in Kifissia and soon in Glyfada. Funky Buddha has two new stores in Chalandri and Sparti, Cosmos has two in Glyfada and Piraeus, Attrattivo has a new store on Ermou Street, and Samsonite has a new point in Piraeus.
Other new stores include the Antetokounbros brothers' fund with a store at Ermou Street and Heaven on Earth at City Link in Athens. Gant opened a new store in The Mall, Jott opened in Golden Hall, and a new Prenatal store opened in Florida Shopping Park. Three new stores also opened in the Fashion City store in Larissa.
In the F&B sector, there are two new exciting additions. Cova Astir Marina is a new addition to the famous family of the historic Milanese brand Pasticceria Cova, a member of the LVMH Moët Hennessy Louis Vuitton Group since 2013. Cafè Barbera has also opened its first store in Greece, marking the debut of the Mini store concept in Europe.
Pret A Manger opened its first store at Thessaloniki airport. Three more stores will follow at Mykonos, Kos, and Zakynthos airports.

€180 million total investments

In the fourth quarter of 2023, the retail sector saw a surge in investment, with the volume reaching a record high of €180 million, according to Cushman & Wakefield - Proprius. The sentiment in the sector remained positive during this period. The most significant transaction in the quarter was between Ellaktor and Trade Estates, where the former sold the Smart Park commercial park (50,592 sq.m. GLA) for €110 million. The Bank, NBG, also acquired a portfolio of PRODEA Investments stores.