Air of optimism is blowing in the Greek retail market, with clear signs of recovery and mobility both at the level of new leases and investmentas 2025 begins with a positive sign for the industry retailer.
According to the latest figures for the first quarter of the year of Cushman & Wakefield Proprius, investments of 20m euros were made in the retail sector. Although traditional retail investments have been limited due to the small number of malls and retail parks in Greece, the climate seems to change – with several transactions already being completed in the next quarter.
Economic Base and Tourist Mommentum
The positive economic background enhances the potential of retailing. The Greek economy is projected to maintain a growth rate of 2.3% for 2025 and 2.2% in 2026, with EU consumption and co -financed investments being the main driving forces.
At the same time, arrivals of foreign visitors recorded a 6.5% jump in the first quarter of the year, reaching 3.2 million, with Crete, the Dodecanese and the Ionian increases. Although retail consumption was slightly reduced in January – February, the value of retail sales increased by 13.2% in the quarter to EUR 14.8 billion, compared to € 13.15 billion in 2024. This increase is partially attributed to inflationary pressures.
Leases and new openings
Lamda Development’s ambitious investment plan, which includes significant developments in lease in the work of the Greek – including The Vouliagmenis Mall and Riviera Galleria – is encouraging. By the end of 2025, agreements had been reached for about 70% of the gross leasing surface (GLA) at the Vouliagmenis Mall and 62% in the Riviera Galleria, surpassing the initial forecasts.
In the last quarter, significant arrivals in retail included Puma and Guess Jeans, which launched new stores at The Mall Athens, while Sephora also expanded, opening a store at the River West shopping center. At the same time, in the High Street Retail segment, the Turkish fashion brand and lifestyle Vakko opened its first store in Greece, under Heraklitou in Kolonaki, and an Apple Premium Partner store was inaugurated in the same area.
In addition, Yamamay opened a shop of 80 sq.m. in Glyfada, while JYSK launched a new 300 sq.m. in Patras. Sinsay, who opened eight new stores in just 15 days across Greece, has not been impressive. In the same quarter, the luxurious Alüstra cosmetics brand made its debut on Ermou Street, while Funky Buddha opened two stores in Piraeus and one at the Cosmos Shopping Center in Thessaloniki.
Miniso inaugurated its first store in Thessaloniki, while Calliope celebrated the opening of her flagship in Athens on Bucharest Street. Looking to the future, the Scandinavian Design and Lifestyle Arket is going to open its first physical store in Greece, Athens, in 2025, enhancing its natural presence in the country.
Retail Parks: New growth cycle
Retail Parks are now of great interest – a category of commercial real estate that until recently remained underestimated in Greece. Paralimniou Ioannina Fun Park is due to be expanded in 2025, with a total capacity of 50,000 sq.m. Open and 10,000 sq.m. Roofing, seeking to become the leading commercial destination in northwestern Greece.
The positive momentum of the first trimester lays the groundwork for a 2025 potential on the Retail market. Tourist flows, income enhancement, strategic movements of big players and the interest in quality real estate create a new landscape of opportunities. Once the forecasts for continued economic stability and consumption are confirmed, the industry is expected to be one of the most “warmest” fields of acting of real estate in Greece.