The shopping malls In Greece they are in a phase of intense mobility and strategic investment, with the market showing great room for growth compared to the rest of Europe.
Today there are about 500,000 square meters of shopping malls and parks, that is, with a minimum leasing surface of 10,000 sq.m. Of these, 282,750 square meters are in Attica, 100,000 in Thessaloniki and the rest are distributed to large cities in the region, such as Larissa, Patras and Corinth. The image shows a market concentrated on a few poles, but with significant expansion prospects.
At the heart of the developments are the big groups that are systematically active in the real estate industry. Trade Estates AEAP has emerged as a leading force, now managing about 208,000 square meters of commercial parks, with the cutting of Smart Park in Spata, while Lamda Development has a 179,000 square portfolio.
However, the balances are expected to change significantly in the coming years, as the development of Greek brings a new generation of commercial spaces. Lamda will add about 120,000 square meters with the Ellinikon Mall and the Riviera Galleria, raising all its spaces to almost 300,000 square meters, while Trade Estates will increase its own surfaces by 38,500 square meters, reaching 250,000.
At the same time, acquisitions and restructuring moves show that the market matures and is looking for new balances. A typical example is the acquisition of the Fashion City Outlet in Larissa by TALIMA SA, a company of the Constantine Group, which already has the Athens Metro Mall. The new investment is accompanied by infrastructure upgrade plans, improved energy efficiency and creation of multifunctional spaces that will meet the modern needs of visitors. As the company points out, the aim is to enhance the visitor’s experience and to create new jobs by supporting the local community.
Comparison with the European market highlights the magnitude of the opportunity. Based on Cushman & Wakefield’s relevant research data, Greece accounts for only 56 square meters of commercial sites per 1,000 inhabitants, when in Serbia the index reaches 88 sqm, in Bulgaria 103 sq.m. and in Romania 107 sq.m. The Scandinavian countries dominate, with Norway reaching 857 sqm, Finland 464 and Sweden at 380 sq.m. In Spain and Italy the corresponding sizes are 248 and 229 sqm, while in Germany they are 177 sq.m. These figures reflect that the Greek market, though limited in size, has huge room for growth compared to the rest of Europe.
At the same time, the sector is called upon to respond to new consumer habits, which are decisively influenced by the spread of e -commerce. The trend is the conversion of shopping malls from simple shopping spaces into experience hubs of experience. Their design is becoming increasingly impressive, with open spaces, a variety of catering that transcends rough food, as well as cultural and entertainment events. The aim is to increase traffic and to enhance the stay time so that the shopping malls can function as poles of social life and not only as places of consumption.