The Ellinikon project has made recent waves with plans that will turn the Athenian Riviera into one of the most prestigious and luxurious complexes in all of Europe, taking over the city’s former airport.
With plans of business complexes, residences, hospitality venues, parks, recreation centres and so much more, the Ellinikon project is adding Greece’s largest shopping mall to its resume.
The retail complex is estimated to be a $8.02 billion project run by Athenian developers and calls for a new minicity of about 30,000 residents south of Athens.
The new retail complex is estimated to bring in all of the attention of Greek shoppers even though there is some serious doubt, especially with the global struggle of large malls around the world.
Some major retailers have been struggling with the recent shift to online shopping, although Greek developers are hoping that the new shopping mall in conjunction with the new attractions that the Ellinikon project will bring.
Chief Executive of Greek developer, Lamda, Odisseas Athanasiou has openly said that in the fight against e-commerce, Greece could use more malls.
Athanasiou said that during Greece’s financial crisis about a decade ago, everyday consumption in the country dropped 60%, while sales at Lamda malls dropped a comparative 18%. Lamda malls in Greece enjoy a nearly 100% occupancy rate according to Mr Athanasiou, and sales hit record levels every year.
“With small stores closing, part of the consumption is going to go online, but the main part is going to come to us,” he said.
Mr. Athanasiou predicts the Ellinikon development will be visited by more than a million tourists a year who will be attracted by its architecture, beaches and parks, as well as its proximity to Athens and the Acropolis.
“For Greeks, it’s a no-brainer. We’re going to be there,” said Mr. Athanasiou.
“It is the first opportunity they will have in their country to visit places they only had the opportunity to visit when they travelled the globe.”
Source: Wall Street Journal
