Mall performance indicators remain very high also, while established resorts are proving to be the hottest destinations for luxury shopping.
In this quarter, according to Cushman & Wakefield Proprius, 52 transactions have been recorded in the different retail markets of the country, 30% higher than the previous quarter and
25% higher yoy.
Notable high street openings/deals include the Juicy Couture and JD Sports in Glyfada, the Kiko Milano store in Neo Psyhico, an Oysho store along Tsimiski street in Thessaloniki, the new sneakers store Tike! In Athens’ city centre, a Folli Follie store in Hrakleio of Crete and an Intersport in Pagrati.
Notable deals in Retail parks and outlets include the Sinsay and Ikea openings in Florida 1 Park of Thessaloniki, new Sinsay and Moustakas Toys in Fashion City Outlet in Larisa and a new Massimo Dutti at Smart Park. On the shopping center side, performance indicators remain very high with new stores this quarter the Porsche pop-up store at Golden Hall, the new The Big Bad Wolf at The Mall, and the Alter and Mat fashion stores in River West.
Mykonos and Santorini and other established resorts, are the Hot Destinations for Luxury Shopping with notable openings including the pop-up Moschino boutique in Cavo Tagoo hotel in Myconos, the expansion of Milan-based luxury fashion brand Palm Angels and of Danish beauty brand Alûstre in Myconos town, the opening of Κiton store in Sani Marina at Chalkidiki and the new Hublot store in Santorini. The third quarter of 2023 saw stable rental values in most of the high streets, which performed well during the summer period due to the significant presence of tourists.
Investment activity
According to Cushman & Wakefield Proprius, retail investment volumes, were around €40 million in Q2 2023. An important transaction which is not however recorded in this quarter, waiting for the official closing, is the sale of 50,592 sqm GLA retail park, SMART PARK by Ellaktor to Trade Estates at €110 million (on a debt free-cash free basis) while REDS will collect approximately €93 million. The exact amount of the price will be finalized on the closing date of the transaction.
