Relatively small retail spaces in the center of Athens have enjoyed increased demand in the last 12 months as the rise in tourist arrivals and the ever-growing appeal of online commerce have changed the operational mode of local enterprises considerably, according to a survey by the Arbitrage Real Estate consultancy firm.
In fact the demand reported in this period almost exclusively concerns prime properties – i.e. stores in the most popular and privileged spots in each area. By contrast, the situation in secondary markets and less popular spots remains challenging, with no sign of improvement.
The Arbitrage analysis notes that the rise in e-commerce combined with the promotion of retail products through social media has resulted in a decline in demand for large retail spaces – though that has also led to enterprises which previously only used brick-and-mortar stores to turn to online commerce as well and to seek out smaller, more flexible spaces within the city center with the capacity for storage too. Another trend is the return of businesses to the city center thanks to the growth of tourism in Athens.