ECONOMY

Retailers move into Thessaloniki property market

The real estate market in Thessaloniki is proving very attractive for many Greek and foreign retail chains. Recently, a number of mixed-use developments, with both retail and leisure outlets, have sprung up, and there are plans for more. In the suburb of Pylaia, the space formerly occupied by the Continent supermarket is now a retail park operated by the Fourlis group. Besides retail outlets, it has nine cinemas operated by Village Roadshow, and restaurants. A fairground will also be built on the premises. However, it is an old road running parallel to the port on the western side of town that seems to attract most interest for such developments. October 26th Street was, until recently, a nondescript road of old warehouses, car dealers and repair shops, and is still heavily used by trucks headed to the port. Real estate developers appreciate the street’s close proximity to the port, the city center, the central bus station and the railway station. Recently, the first new retail space development was completed by the GEK-Hermes construction group. Piraeus Bank is expected to follow. If YU-info was sold to a Western company, it would be one of the first foreign investments in the Yugoslav media sector. YU-info is the station with the widest Yugoslav coverage but it ranks only fourth in terms of viewer numbers, Predic said.