New type of mall is on the way
Major groups such as Lamda Development, and Fourlis’ Trade Estates REIC have so-called “new generation” shopping centers in the pipeline.
After two years of investment inactivity in the sector, due to the pandemic and the “shock” it caused to the retail trade, as well as a dramatic shift in consumer habits with the rapid spread of e-commerce, it seems that conditions are now considered ripe for the implementation of the new projects.
Moreover, even the first large shopping centers developed in the country, and especially in Athens and Thessaloniki, are now almost two decades old, showing their age and requiring enrichment of their uses.
In this context, six purely commercial new developments are currently being launched, three of which are on the Elliniko plot on Athens’ southern coast. They are expected to add 135,000 sq.m. of commercial spaces within the area of the former airport and another 169,000 sq.m. overall nationwide.
These new malls feature significant differences from their predecessors, as they have other characteristics. For example, cinema multiplexes, which 20 years ago were a staple of shopping centers, are no longer an option.
