Four fresh malls planned in Attica

At least four major malls are scheduled for completion in Attica by 2019-20 in a combined investment of more than 800 million euros, as shopping centers appear to be crisis-resistant in Greece.

The new mall developments will apparently be supported by foreign capital too, with investors realizing that malls have not been affected by the financial crisis and the drop in consumption. Instead, they have managed to increase their market share at the expense of traditional stores. Therefore one could presume that the capital gains for malls will be even greater when retail commerce recovers.

Within 2017 developer Artume is expected to land the building permit for the new mall at Akadimia Platonos in Kolonos, western Athens. Named Academy Gardens, the 300-million-euro development will create 48,000 square meters of commercial spaces on a plot of 20,000 sq.m.

On a plot...