Athens Becomes a Magnet for International Brands and Commercial Real Estate Investments
Athens, June 15 – The Greek retail market is experiencing one of its most dynamic phases in recent years, with international chains seeking prime locations, significant investments changing hands, and new projects shaping the future of retail. Behind the storefronts of Ermou, Voukourestiou, Glyfada, and major shopping centers, an intense battle for available spaces is unfolding, as demand remains strong and supply limited.
According to the latest analysis by Cushman & Wakefield Proprius, Athens continues to be the main gateway for international brands looking to establish a presence in the Greek market. Recently, the list of new arrivals and expansions has grown significantly, confirming that the country remains an attractive destination for major retail chains.
New Arrivals and Expansions Across Key Shopping Districts
On Ermou Street and the surrounding commercial areas, companies such as COS, ARKET, Grand Optical, Pandora, Under Armour, Kamalion, and Parfois have already made their appearance or are planning new moves. In the broader Kolonaki and Voukourestiou areas, interest primarily comes from premium and luxury brands like Jimmy Choo, Michael Kors, Chloe, Boggi Milano, and Golden Goose, which continue to invest in the Greek market.
The activity is not limited to Athens. The H&M group is expanding its footprint through COS, while ARKET is preparing its entry into the capital. Meanwhile, New Yorker is proceeding with a new store in Stadiou, and Mohito is strengthening its presence in Thessaloniki. Market executives estimate that these moves confirm that international groups continue to see significant growth opportunities in Greece.
Increased Demand Meets Limited Supply
The interest is also reflected in recent leases. Lululemon has established a presence in Golden Hall, Miniso has opened a store in The Mall Athens, and Alustre has chosen Ermou Street for its new location. At the same time, companies like Pandora, Plaisio, and Foot Locker continue to seek new opportunities to expand their networks.
However, increased demand faces a major obstacle: the limited availability of quality commercial spaces. Ermou continues to be the most expensive commercial street in the country, with rents reaching up to 315 euros per square meter per month for prime stores. In Voukourestiou, rents reach 310 euros per square meter, while high levels are also recorded in Glyfada, Kolonaki, Kifissia, and Piraeus.
Shopping Centers Remain Key Attractions
Interest is not limited to commercial streets. Organized shopping centers remain a major draw for retailers and investors. By the end of 2025, the total stock of shopping centers in Greece had reached 554,250 square meters of GLA, with approximately 60% located in Attica.
The Mall Athens, after the completion of renovation works, shows high occupancy and attracts new stores, while Golden Hall is strengthening its commercial mix with new arrivals. A similar picture is presented by Metro Mall in Agios Dimitrios and River West on Kifissou Avenue, where available spaces are limited.
The Ellinikon Project: A Game Changer for Retail
The large investment in Ellinikon is expected to play a significant role in the future of retail. The Ellinikon Mall, developed by Lamda Development, is the only new large shopping center currently under construction in Greece, aiming for completion in 2029. Meanwhile, Riviera Galleria has already attracted strong interest for pre-leases, even before the project is completed.
Strong Investment Capital in Commercial Real Estate
At the same time, the commercial real estate market continues to attract strong investment capital. According to data from Cushman & Wakefield Proprius, transactions totaling 534 million euros in the retail sector were completed in the first quarter of 2026. The agreement between Prodea Investments and the National Bank, amounting to 510.7 million euros, which concerned a portfolio of 100 stores used by the banking network, was decisive.
Analysts estimate that the retail market remains resilient despite pressures on consumption and the increased operating costs of businesses. Tourism, the entry of new brands, the limited development of new commercial spaces, and large ongoing projects keep demand at high levels.
The next big challenge for the market is whether the new generation of commercial developments, led by Ellinikon, will be able to cover some of the demand that is currently concentrated in Athens’ traditional commercial areas. Until then, the capital’s prime locations will continue to be a field of intense competition between international chains, domestic businesses, and investors seeking a position in a market with limited opportunities but high returns.
