Athens Retail Expansion Creates Openings for Chains in Prime Districts

Greek retail is experiencing positive momentum driven by robust economic performance and increased tourism, with both international and domestic chains expanding in clothing, dining, and essentials. Luxury brands are significantly increasing their presence in Athens, with new openings including Zeus+Dione at Vouliagmeni Marina, Weekend Max Mara in Glyfada, and Zara's 5,000 sqm flagship in Piraeus Tower.

Prime locations stay tight

Demand for retail space is concentrated in prime Athens locations like Ermou Street, Voukourestiou Street, and Kifisias Avenue, which maintain vacancy rates as low as 2%. Ermou Street remains Greece's most expensive retail hub with rents reaching €290 per square meter per month and rising by 6.4% in Athens during the first half of 2024.

New retail developments include approximately 110,000 sqm of upcoming shopping center space, with the Ellinikon project being the only large-scale development currently under construction. These conditions favor operators who move early into established corridors where foot traffic from tourism and local spending overlaps.

Who is already moving in

Weekend Max Mara opened its first Greek store in Glyfada while Zeus+Dione secured a site at Vouliagmeni Marina. Zara placed a 5,000 sqm flagship inside Piraeus Tower. Domestic and international clothing, dining and essentials chains are following the same pattern in the city center and selected suburbs.

The pattern shows clear beneficiaries: brands that secure space in Ermou Street, Voukourestiou Street or Kifisias Avenue lock in low vacancy exposure and benefit from the documented rent trajectory. Operators outside these pockets face higher barriers as new supply remains limited to the Ellinikon project and roughly 110,000 sqm of other planned centers.

Retailers evaluating Athens should review current listings along the named prime streets and monitor leasing activity tied to the Ellinikon timeline. Market reports from 2024 and 2025 indicate the same drivers-tourism and economic performance-continue to shape availability and pricing.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.