Driven by tourism, leading fashion brands are investing in the Greek retail market, which, although it continues to make it difficult for small and medium-sized domestic businesses in the sector, is proving to be a strong source of revenue for large retailers.
Only during the first half of 2024 the transactions in sector of commercial stores and shopping centers amounted to 77 million eurosmarking a significant increase from 23 million euros in the corresponding period of the previous year, as shown by Cushman & Wakefield Proprius data.
«The luxury sector continues to be buoyant, despite a shortage of desirable properties in target locations“, is pointed out by More precisely in its study of retail rent trends during the second quarter of 2024.
Which luxury brands are investing in Greece?
In terms of luxury investments, the leading role is this year’s start of operation Astir Marina in the Neck of Vouliagmeniwhich is managed by Asteras Vouliagmenis.
In the total area of approximately 52,000 sq.m. of the marina in addition to a modern berthing facility for 59 large vessels, a luxury fashion destination has also been created.
Specific stores have been opened by the Louis Vuitton Moet Hennessy group with the Louis Vuitton, Loro Piana and Dior brands and the Kering group with the Gucci, Bottega Veneta and Yves Saint Laurent brands.
It should be noted that Louis Vuitton was particularly active in the Greek market this year. It started with the opening of the eponymous resort boutique in Mykonos, continued with the opening of pop up stores in Nammos Village and Zuma Mykonos, and was followed by the opening of the Louis Vuitton Astir Marina store in Vouliagmeni.
It is worth mentioning that the sales of the Greek subsidiary of the international luxury house reached 52 million euros and profits exceeded 10.55 million euros in the first ten months of 2023, according to the latest published data. In other words, every day from the beginning of 2023 until the end of last October, the LVMH group made an average net profit of 34,703 euros in Greece!
In addition to Astir Marina brands of global scope, such as Zegna, Rolex, Off-White, Orlebar Brown, Polo Ralph Lauren, Golden Goose, but also Alós Eyewear, Zeus+Dione and the Karkalis jewelry store are waiting for the visitors, while well-known home equipment brands, such as Dolce & Gabbana Casa with decoration products, as well as Dyson, have acquired their own stores.
In Mykonos and Glyfada
Important high street store openings include the new 150 sq.m. store. of Tommy Hilfiger in Mykonos and the pop-up stores of Karl Lagerfeld and Boss also on the island of the winds.
At the same time, the Italian Weekend Max Mara debuted in our country, opening a store in Glyfada. It is one of the 250 points of sale maintained worldwide by the Italian lifestyle brand, part of the Max Mara group.
Today the Max Mara Franchise in Athens, Thessaloniki and Larissa belongs to the Tsavdaroglou family, which at the same time maintains a wide range of luxury designer brands within the ever-growing company DiL Fashion Group.
Soaring rents
As far as rent variation is concerned, the center of Athens and specifically the “good” part of Ermou from Syntagma Square to Kapnikarea, records the highest rental price per square meter nationwide, with 290 euros per month.
Next is the center of Thessaloniki and Tsimiski street with 150 euros per sq.m. as well as Glyfada, also with 150 euros per sq.m.
At lower levels are Kifissia with 110 euros per sq.m. and Kolonaki with 105 euros per sq.m.
Finally, the popular shopping streets in Piraeus with 100 euros per sq.m., in Heraklion, Crete with 95 euros per sq.m. and in Patras with 80 euros per sq.m. complete the list of the highest rents, as they were formed in the second quarter of 2024, based on data from Cushman & Wakefield Proprius.
Source: ot.gr
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