ECONOMY

Shopping malls resist downturn

Although Greeks appear to be turning away from once-popular commercial streets, putting money in Greece?s shopping malls still seems a relatively safe investment for local and foreign businesses.

Recent figures illustrate that the impact of the economic meltdown on malls in this country has been softer than the market average.

Data from the Hellenic Statistical Authority (ELSTAT) show that February?s turnover index for apparel went down by 24.3 percent compared to January. Shopping malls, however, appeared to be in a better position, losing just 1.8 percent in the same period. Remarkably, although apparel lost 7.8 percent in sales volume, shopping malls managed to post a 0.6 percent rise.

The newest arrival, Smart Park near Spata in eastern Attica, has attracted a number of big brands. Some of these are said to envisage potential synergies with the McArthurGlen Designer Outlet operating in the same area.

Chains including Jumbo, Mama?s