Although Ermou, the country’s most brilliant storefront, is dominated by “fast fashion”, with Zara and similar brands taking center stage, in the last 7 years it has also acquired… a sports spirit.
Of course, the rivalry between the big sporting goods chains on Ermou “counts” almost 15 years, but recently it has acquired “derby” characteristics.
The premiere of JD Sports in Ermou
The new JD Sports store at number 22, formerly home to American clothing brand American Eagle, is the latest development in the race by the big sporting goods players to gain a privileged position in the ‘queen’ of retail.
The well-known British sportswear chain, which has acquired 80% of Cosmos Sport, with the new store further strengthens its “footprint” in the Greek market (previous openings in Pyrgos Piraeus, Glyfada, Kallithea and The Mall Athens) , while at the same time strengthening its position in Ermou, since Cosmos Sport, Sneaker 10 and Slamdunk stores operate on the same street (these are chains developed by Cosmos Sport).
Cosmos Sport had acquired its own multi-storey store in Ermou in the previous years in the area where Meliartos was hosted.
The rent for the Nike store that broke all records
It should be noted that in the past few days it was announced that JD Sports has become Nike’s first global partner for Nike Connected Membership, as the two giants are also launching the said program in the US.
However, in Ermou, the two top sports players compete fiercely.
One of the aspects of the competition reflects the amount of rent for Nike’s flagship store at number 1 Ermou Street, which also reflects the dynamics of the country’s most popular shopping street.
The corner store, which belongs to the Civil Servants’ Equity Fund, was rented after a tender to the Italian group of Antonio Percassi, who now represents the NIKE brand in Greece.
The rent is said to have reached €85,000, marking the highest rental price per sq.m. recorded in 2023 in Ermou.
It is a property with a ground floor of 278 sq.m., two basements of 340 and 278 sq.m. and a loft area of 170 sq.m.
It is recalled that until 2019 Nike was represented in Greece by Folli Follie. At the same time, he maintained a network of stores of the famous brand, including the point in question.
The Nike – Adidas battle
The classic “battle” between Nike and Adidas is also taking place in Ermou.
The building of 884 sq.m. on Ermou Street 44, leased by Adidas, which formerly housed a Mothercare store, as well as the other commercial property in Ermou, at number 47, with a total area of 1,438 sq.m., leased to Zara are the “jewels in the crown » regarding the real estate portfolio of Klukina – Lappa. The latter now belongs to Intracom Properties, real estate operator of the Intracom group.
The hot athleisure market and the Fourlis group
Intersport of the Fourlis group has an emblematic presence in Ermou in the Athenaia building, which previously housed the Sprider Store and later Forever 21.
According to Vassilis Fourlis, the group with regard to its activity in the retail of sporting goods aims to return to the growing market of atheisure (sports fashion). It is recalled that after the sale of Athlete’s Foot the Fourlis group lost a share in this sector.
“It is a dynamic market that today now reaches a value of 600 million euros to 700 million euros from 250 million euros that was in the crisis. Even Gucci now produces shoes”, Vassilis Fourlis had emphatically underlined a few months ago.
And the Greek freak in Ermou
Giannis Antetokounmpo has also acquired a position in Ermou, with the -relatively- new Antetokounbros store hosted at number 23-25, in the store of the Zoulovits company.
This is the second store of the Antetokounmpo brothers chain in Greece after the one at Eleftherios Venizelos Airport.
Crowding in and around
In addition to foreign companies, such as Foot Locker, Ermou is also home to Greek players in the sporting goods market, such as the Zackret chain and the Bodytalk chain, while the British Admiral is also present through International Sports LLC.
In fact, a parallel market has developed in the streets around Ermou, such as Mitropoleos – the tike store has opened there! of the Serbian sporting goods group Sport Vision-, Kornarou with Phat Soles and Flower Kickz stores and Agia Irini (Retro23)
The turnover is up
According to the latest data from ELSTAT, the turnover in “Retail trade of sports equipment in specialized stores” (s.b. refers to businesses with the obligation to keep double-entry books) in the first four months of 2024 amounted to 229.62 million euros when the corresponding period of 2023 was set at 214.44 million euros.
We will have a clearer picture of the course of the turnover in the coming days when the data for the second quarter will be published, however industry players report that the increase is mainly due to the revaluations recorded in these items, as the sales volume moved at a lower rate.
The store market is holding up
Stores, both on popular high streets and in major malls, remain resilient despite ups and downs in retail turnover.
According to research by Danos BNP Paribas Real Estate for the first half of 2024, the average rent per sq.m. in shopping centers it stands at 40 euros, while it drops to 25 euros per sq.m. for stores in secondary markets, and at 13 euros per sq.m. for supermarkets.
According to Danos, the returns for the shopping centers are 6.7%-7.75%, while the returns are lower (5.5%-6%) in the Ermou Street market, where the amount of rents per sq. m. it is the highest in Athens, but also in the entire territory.
Rents are skyrocketing in Ermou
The data of BNP Paribas Real Estate are revealing, according to which in Ermou the rents of shops are 3,300 euros per square meter on an annual basis.
It should be noted that Ermou, based on the same data, is the second most expensive street in Southern Europe, behind the commercial squares of Rome and Milan, where rents amount to 3,500 euros per sq.m. the year and at 3,800 euros per sq.m. respectively.
Source OT
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