The changing image of Greek shopping malls

Despite the heavy blow dealt to them during the pandemic – and the questioning of their ability to maintain their high commerciality in the post-Covid-19 era – shopping malls remain in the spotlight. Big players in the Real Estate market are indomitably continuing planning investments for the upgrade of existing, but also the creation of new, malls, making – of course – the necessary adjustments for new consumer habits that emerged from the health crisis.

Indicative is the case of River West in Kifissos, which ten years after the start of its operation is expanding by 20,000 sq.m. and is changing form. According to the owner company, Noval Property of the Biochalco group, the available space for rent is being doubled and a 20,000 sq.m. park is being created providing various family activities in a suffocatingly dense area (there will be a playground, outdoor amphitheater, waterfall and innovative entertainment areas for children).

It is an investment totaling around € 30 million, which is expected to bring Noval a 30% increase in rental income after three years of full operation. The opening of the new section called River West Open will take place gradually (summer – autumn 2021) and the goal is to reach 8 million visitors annually, after its first three years of operation.

The design of Reds (a subsidiary of Ellactor) for the renovation of the old Cambas winery in Kantza (Pallini, Attica) is in full swing. The new administration announced that it is considering the best possible mix of uses to be implemented , given that since 2018, when the Master Plan has been prepared, there have been changes in the wider real estate market environment.

The Cambas Park Project , which will be spread over an area of ​​315 acres, is estimated at costing about 200 million euros. Konstantinos Group, the expatriate businessman from Venezuela who controls the “Athens Metro Mall”, is also running a complex commercial and amusement park in the area of ​​Metamorfosi. The new shopping center has a budget of 94 million euros and is planned to be built on an area of ​​86 acres in an area on the border of Metamorfosi and Lykovrisi – Pefki and as the mall of Agios Dimitrios will be connected to the metro.

Seaside mall

Shopping centers have a prominent position in the regeneration of Elliniko.

According to the project leader Lamda Development, the Marina Galleria will be built on the seafront, a new generation shopping center located by the sea that will offer visitors “a multifaceted and highly aesthetic shopping, gastronomy, and entertainment experience”. It will extend to 22,000 sq.m. and will house leading fashion brands, some of which are coming to Greece for the first time, but also internationally recognized Greek designers.

It is estimated that it will cost 100 to 125 million euros and is expected to open its gates in 2025 while in the first year it is estimated to host about 7 million visitors. Lamda Development also plans to build another commercial building on Vouliagmenis Avenue, the “Vouliagmenis Mall”. It will extend to 72,000 sq.m. and is expected to be ready in 2025. A retail park of 30,000 sq.m. will be created very soon by the Fourlis group. It will be a combination of Big Boxes stores and is estimated to require funding to the tune of 55 million euros.