ECONOMY

New mall combines shopping and fun

Lamda Development yesterday presented its new shopping and entertainment center in Maroussi, named The Mall Athens and opening in October. The new center features top brands from Greece and abroad in clothing, food, accessories, housewares, electrical goods, recreation and services. The Mall Athens is being developed on five levels and three underground spaces, offering leasable space of 58,500 square meters. It will host more than 200 shops, a supermarket and a 15-screen cinema multiplex by Village Roadshow, which will also develop bowling alleys, a juice bar and a cafeteria. «It constitutes a new pioneering product linking shopping with recreation and is addressed to the average Greek household, creating a new perception in the retail market and the management of big developments,» Lamda’s president, Apostolos Tamvakakis, said. He said the center’s combination of good location and accessibility with the presence of strong and recognizable brands is bound to guarantee success for the 300-million-euro investment. The developer expects revenues in the first 12 months to reach 300-350 million euros, significantly changing the company’s recently poor finances. The average monthly lease rate will be between 50 and 90 euros per sq.m. while users will also pay between 6 and 10 percent of their turnover to the center. Lamda also announced the establishment of ECE-Lamda Hellas, a new company with German development and shopping center management firm ECE, which will initially undertake management of the new center.