ECONOMY

Mediterranean Cosmos brings new trends in shopping

The Mediterranean Cosmos mall, the first modern shopping center in Greece, opened its gates to the public at Pylaia in Thessaloniki, as representatives of the consortium of Lamda Development and Sonae-Haragionis announced, having completed the 110-million-euro investment. Development Minister Dimitris Sioufas, who conducted the official opening, called it a significant investment that creates 2,500 jobs, while also stressing the participation in the project of a foreign company, Sonae Sierra from Portugal. Mediterranean Cosmos, built on a plot owned by the Orthodox Ecumenical Patriarchate, hosts six «anchor» stores – those with well-known brands that attract huge numbers of consumers – over 9,189 square meters, a supermarket (4,332 sq.m.), an 11-screen cinema multiplex, a 16-lane bowling center as well as 168 commercial stores covering 20,443 sq.m. and 37 food outlets. Most participants in the real estate market were present at the inauguration of the new center on Thursday, as the success of Mediterranean Cosmos and of The Mall Athens, which opens in Maroussi in mid-November, will determine to a great extent developments in the domestic retail property market as well as in retail commerce. The reception by the public of the new type of shopping center and the response of the many local commercial markets in Athens and Thessaloniki are two crucial factors that will shape the next moves of development companies, at least in the commercial property domain. Not all stores opened from this week, however, as a number of leasers were not ready on opening day, which is attributed to their inexperience. In mid-November, the operation of the cine-multiplex will also begin.