Store Rentals Blossom |

Consumer confidence may suffer due to price increases in the market, but demand for store rentals in popular locations has continued its steady recovery in recent months.

Two reasons explain this phenomenon: The first concerns the shortage of land, particularly in the most popular commercial areas, leading brands to rent new spaces in order to secure the best possible locations for their physical stores. The second reason is the fact that rental rates remain at reasonable levels, especially compared to the period before the financial crisis of the 2010s, when rental rates and the so-called “goodwill” had exceeded all precedents in central Athens, turning Ermou Street into one. of the 10 most expensive shopping streets in the world.

In this context, according to an analysis by the real estate services company Proprius, the first quarter of the year saw several companies open new stores, led by the sectors of sporting goods, jewelry and luxury goods (clothing, etc.).

For example, in the first three months of the year, Sephora opened a new store in Mykonos, a Calvin Klein branch launched in Patra, and a Molton Brown in Kifissia. Sporting goods retailer Buzz has opened a new store in central Piraeus, while fashion designer Diane Von Furstenberg has opened a store in Glyfada. Another sports chain, Zakcret, opened a store in Ioannina.

An important development for the Greek market is the return of the Carrefour supermarket chain, thanks to its cooperation with Retail & More, a subsidiary of TeleUnicom. The first five branches opened a few days ago: there are three in Halkidiki and two in Zakynthos; seven more are planned, with a focus on tourist destinations.

Data from Proprius revealed a slight increase in rental rates in the first quarter compared to the same period in 2021, after a flat quarter at the end of last year.

Renting a store in Ermou currently costs around 270 euros per square meter per month, compared to 250 €/m². one year ago. In Kifissia the price is 110 €/m², in Glyfada 130 €/m². and in Kolonaki at €95/m².

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