Structural and seemingly permanent changes that have taken place in the largest shopping center in the country, Athens shopping center, after the pandemic. As the data for 2022 show shopping mall attracts significantly fewer visitors than in 2019, but they spend much more money on purchases. In fact, the composition of visitors has completely changed, and the role of the shopping center as a place of meetings and communication has decreased.

The Mall Athens saw a 45.5% decrease in visitors in 2022 compared to 2019, according to Lamda Development, but it remained the most popular mall in the country as traffic was 11.7 million. At the same time – and this is even more interesting – the average cost per visitor increased by 61.5% compared to 2019, the last “normal” year for malls, until last year. As Lamda management itself states in its annual financial report, “the increase in average spending is largely due to the fact that the main reason for visiting is now the purchase of goods.”

However, this phenomenon is mostly observed in The Mall Athens, as traffic increased in both Golden Hall (7%) and Designer Outlet (12%). As for Mediterranean Cosmos, the decline compared to 2019 is small and does not exceed 15.75% for the whole of 2022, while in the fourth quarter of 2022 it was only 7%. It seems very likely that in 2023 the traffic of Thessaloniki shopping center will fully recover compared to 2019.

In 2022, traffic decreased, but average spend per visitor increased by 61.5%.

This is not the case with The Mall Athens because it is served by the ISAP Nerantziotissa station as well as the commuter rail. As such, access, especially for students, is particularly easy, resulting in it becoming a meeting place for many years. These visitors did not move on to specific purchases, but increased traffic significantly. Now this has changed, as a result of which this trend is also observed.

It is for this reason that Lamda Development is changing the structure of the stores in the mall, improving the appearance of the retail space. commercial stores and limiting those dedicated to catering and entertainment (such as multiplexes). The above is integrated into a €25 million investment that has recently started at The Mall Athens and also includes a refurbishment and energy upgrade of the property 18 years after it opened.

The work aims to adapt the philosophy of the center to the above changes in the consumer habits of the site’s visitors. Thus, the center’s performance is expected to be at its peak, which will further improve its financial performance.

This element is especially important given the intention to list Lamda Malls, the group’s subsidiary in the mall sector, on the Hellenic Stock Exchange. According to Mr. Aud. Today.