New stores of large companies are looking for real estate: where? Economic Courier - ot.gr

In the battle for opening new stores, major players in retail are involved. Expanding the network of physical points of sale, despite the rapid growth of online shopping and unfavorable circumstances, is considered a key task for the development of their business. "Personal contact with the customer still plays a significant role in selling products," notes an experienced market participant who wishes to remain anonymous.

However, finding suitable locations is not an easy task. Mainly because the rental prices required in high-traffic areas often go beyond reasonable limits. The recent study by BNP Paribas, which revealed that rental prices in central Athens, particularly on Ermou Street, reached 275 euros per square meter, speaks for itself. Moreover, in so-called prime retail locations, there are few available spaces in areas such as Ermou, Vouloustiou, Glyfada, central Piraeus, and Tsimiski Street in Thessaloniki. Iconic buildings, such as the Piraeus Tower, also hold significant value, and of course, shopping centers are increasing their foot traffic year by year after the shock of the pandemic.

A characteristic example is the Spanish chain Zara, owned by magnate Ortega, which rented space in the first digital, "green" skyscraper in Piraeus.

Levi's is looking for new locations to open its stores, while the Danish chain Jysk plans to create a network of more than 70 stores across the country. The Polish chain Pepco, which entered Greece about a year ago, already has 22 stores and is exploring unusual locations that have already proven effective in other markets.

Market factors indicate that trade, despite all the difficulties, remains one of the vibrant and dynamic sectors of the Greek economy. High inflation and rising costs at all levels are limiting new investments, but not completely halting them. "There will always be opportunities for those who have the necessary liquidity, even in tough times..." experts note, adding that many actions are being taken with a focus on the future. However, sales after the end of the summer discounts are expected to be unusual. There is a slight disappointment in the retail world of the capital, although it benefits greatly from the tourist "boom" in Athens. Everyone is now preparing for November and Black Friday, where there has been significant sales growth in recent years.