MCARTHURGLEN is scheduled to inaugurate a discount village on
June 2, the first in Greece and the twentieth across Europe. Initial problems due to weak economic conditions in Greece, which led to the postponement of the inauguration of the project, have now been overcome.
June 2, the first in Greece and the twentieth across Europe. Initial problems due to weak economic conditions in Greece, which led to the postponement of the inauguration of the project, have now been overcome.
The outlet, which will sell with “permanent” discounts of 35%-70% in prices, constitutes an investment of €100m, extending in 21,200 square meters in Spata. Bluehouse Capital, an investment company with activity in real estate and infrastructure projects in Southeastern Europe, is involved in the project.
Company’s administration believe that there are several key factors for the discount village, such as the significantly lower prices, the proximity with Attiki Odos, the catchment area of 5 million people and the mix of commercial and entertainment usage.
One in two Greeks prefer to buy only designer brands, despite the dramatic decline in domestic consumer spending.
"Despite the sharp decline in consumer confidence, a strong brand culture is recorded," says chief executive of Mcarthurglen , Julia Calabrese.
The company eyes consumer spending by tourists and therefore plans partnerships with key domestic and international tourist destinations, such as the New Acropolis Museum.
Meanwhile, growth rate of new shopping malls has decreased of 30% in 2010, the biggest decline since 1983, according to Cushman & Wakefield.
A total amount of 165 new shopping centers opened in 2010, with Russia emerging the largest growth rates (15%). Turkey occupies the second position (fourth in 2009), with new commercial spaces, followed by Poland, Italy, Bulgaria, Spain, Germany, Ukraine, Britain and France. Greece ranks 27th before Estonia, Sweden, Bosnia, Ireland and Luxembourg.
source: CAPITAL
