The shopping center will be built as part of a mega-project costing 8 billion euros.
Lamda Development SA will build the largest mall in Greece in the suburbs of Athens. The mall will be built as part of a mega project worth 8 billion euros. According to the concept presented by the developer, a quarter with a population of about 30 thousand people will be built to the south of the capital on the site of the former airport.
Ellinikon shopping center with an area of more than 180 thousand square meters will be one of the largest in Europe. The project will be constructed in three stages. The shopping center will include both traditional shopping galleries and street retail format stores.
In line with the latest global trends, the complex will also feature restaurants, entertainment operators and office space. One of the zones will be fully occupied by anchor tenants, including IKEA. The shopping galleries will be a modern mix of international brands and local retailers.
Classic malls in Europe are now facing declining traffic and revenues due to consumers going online, but Lamda believes the market still needs large malls. Currently, there are 70 square meters of large malls per 1,000 people in Greece, compared to the European average of 400 square meters.
According to the company's own data, all the shopping centers in its portfolio remain almost 100% occupied, and the decline in revenue in the three Lamda shopping centers after the last financial crisis was only 18% against an average of 60% of the market. Experts predict that the success of the new mall will largely be determined by the recovery of tourist activity.
In Lambda expect that the object will be visited by more than a million tourists a year, who are attracted by the architecture of the shopping center, located near the beaches and parks, as well as proximity to Athens and major attractions. The first phase of Ellinikon is expected to be completed in 2026. It will include a shopping and entertainment center, residential real estate - villas and condominiums, a giant park, offices and hotels, sports facilities, an exhibition center and a 400-berth marina.