Ermou Street in downtown Athens has a long history of elite shops
Etail stores on Ermou Street have spilled over into Aeolou Street and Monastiraki and Asomaton squares as limited space cannot meet the demand for property in the area. According to research carried out by Cushman and Wakefield, in 2006 Ermou Street climbed to 10th place from 12th in 2005 as one of the priciest shopping streets in the world, beating Via Montenapoleone in Milan and Orchard Road in Singapore. A tenant has to pay on average 250 euros per square meter whereas the «good will» is as much as 14,000 euros per square meter. There are, of course, variations in the prices depending on the size of the space on the ground floor and the shop window, the number of columns that obstruct the view from the street and the shop’s location along the street, with the most popular section between Voulis and Evangelistrias streets. «When a company has a retail outlet on Ermou, it considerably boosts the recognition of its trademark. And undoubtedly a branch on the street will have the highest turnover,» said Panayiotis Tsaousis, a senior negotiator with Cushman and Wakefield. «All the large chain stores and in particular those that have linked their image in Greece to commercial centers want to have a presence in the market center with Ermou Street as first choice, thus raising the demand for space. The shops have spread beyond Kapnikarea Square, where there is still space available, but the prices will be affected by the types of companies that will be set up there.» One wonders whether these high rents have an impact on the products’ retail prices. «The larger the merchandise sold the greater the economies of scale, as production costs are lower for each item and larger spaces are therefore required to achieve high turnover. The stores on Ermou Street have higher turnovers and therefore companies have the means to pay higher rent.» However, until 1834 Ermou Street was just a dirt track where children used to play. A discerning observer will notice that the street narrows suddenly after the second block. According to urban legend, two municipal counselors whose plots of land bordered the street moved heaven and earth to prevent even an inch of their property being taken away. When Athens became the capital of the independent Greek state, Ermou Street was declared the main commercial street as well as the most aristocratic market. The stores used to serve select daily customers who demanded quality fabrics and fancy hats for their outings. On the floors above the street and in the side streets, leading dressmakers set up their workshops and Ermou became synonymous with expensive taste. The charm of this era can still be found today at No 27, where the owner, Eftychios Alexandrakis, runs the oldest clothes store on Ermou. Always dressed in a suit, a custom he picked up from his father, he politely greets the women that enter the store and comments on the current lack of manners. «There is an indifference which borders on rudeness. How can you serve customers while chewing gum or look on someone as a number? The client wants to hear a greeting, to know that you have noticed him or her. The reputable old stores used to adhere to these principles but unfortunately they have all gone.» The most recent departure is that of the Pallis stationery store at No 8, founded in 1870, which closed in late February after a decision by the group that holds 100 percent of the company’s shares. It isn’t easy being a sales assistant on Athens’s prime shopping street. According to Dimitra Masselou, who has worked no fewer than 17 years in the profession in various Athenian markets, the differences start with the shop window. «In Kolonaki, the most unusual items go in the shop window, while on Ermou the classical pieces are displayed for the mass market. The large number of people also makes the work more demanding. You need more staff with quick reflexes. You have to figure out the customers’ needs in a few minutes. However, they don’t often take kindly to the presence of sales assistants, as they are used to the type of shopping established by large chain stores where no sales assistant serves you. This is harmful to the market as a shopper who is used to shopping in chain stores will find it difficult to believe that I really want to serve them, but that is my job.»
