Propelled by the thriving tourism industry, elite fashion houses are funneling investments into the Greek retail landscape. While this trend continues to pose challenges for local small and medium-sized enterprises in the sector, it’s proving to be a lucrative revenue stream for major retail players.
In the realm of luxury investments, the spotlight this year is on the inauguration of Astir Marina in Laimos, Vouliagmeni, under the stewardship of Astir Palace Vouliagmeni. The marina’s expansive 52,000 sq.m. area not only houses a state-of-the-art docking facility for 59 large vessels but also serves as a nexus for luxury fashion. Notable among the new establishments are boutiques from the Louis Vuitton Moet Hennessy conglomerate, featuring Louis Vuitton, Loro Piana, and Dior, alongside the Kering group’s Gucci, Bottega Veneta, and Yves Saint Laurent. Louis Vuitton’s Greek operations were particularly noteworthy this year, commencing with the launch of their resort boutique in Mykonos, followed by pop-up stores in Nammos Village and Zuma Mykonos, and culminating in the unveiling of the Louis Vuitton Astir Marina outlet in Vouliagmeni.
Astir Marina also plays host to globally recognized brands such as Zegna, Rolex, Off-White, Orlebar Brown, Polo Ralph Lauren, Golden Goose, alongside Alós Eyewear, Zeus+Dione, and Karkalis jewelry. Premium home furnishing labels like Dolce & Gabbana Casa and Dyson have also established a presence.
Significant high street retail developments include Tommy Hilfiger’s new 150 sq.m. store in Mykonos, accompanied by Karl Lagerfeld and Boss pop-up stores on the same island. Concurrently, Italian label Weekend Max Mara made its Greek debut with a store in Glyfada, marking one of the 250 global retail points for this Max Mara group lifestyle brand.
In terms of rental costs, central Athens, particularly the prime section of Ermou Street from Syntagma Square to Kapnikarea, commands the highest nationwide rate at 290 euros per square meter monthly. Following closely are Thessaloniki’s city center and Tsimiski Street, along with Glyfada, both at 150 euros per sq.m. Slightly lower are Kifissia at 110 euros per sq.m. and Kolonaki at 105 euros per sq.m. Rounding out the list of premium rental locations are popular commercial thoroughfares in Piraeus (100 euros/sq.m.), Heraklion, Crete (95 euros/sq.m.), and Patras (80 euros/sq.m.)
