After eight years of economic crisis, Greece left the European safety net ESM and returned to the stock exchange. That does not mean that the crisis is overcome yet. The country’s retail real estate industry was and still is affected by it. New developments are rare or have to come to a halt, like the Hellinikon project in Athens.
But now the pipeline is about to start flowing again: A new shopping and entertainment destination, the first of the outlet type in Thessaly, will open its doors in Larissa in Greece. Fashion City Outlet will bring fashion and leisure close to the cities of Larissa, Karditsa, Trikala, and Volos, aspiring to establish itself as a shopping destination for the area’s residents and visitors.
The scheme is being developed by Sonae Sierra and Bluehouse Capital. The two companies have experience in creating and managing shopping and entertainment complexes in Greece and 18 countries worldwide.
Fashion City Outlet is expected to open its doors to the public in autumn 2018. It will accommodate 70 well-known stores offering selected clothing and shoe brands at significantly reduced prices–all year long. Leading Greek and international companies are on board, some of which will be operating in the area for the first time.
It will also host leading consumer electronics retailer Media Markt, offering a wide range of products at the best market rates. The outlet will also accommodate a Village Cinemas multiplex with three cinemas, a Volta Fun Town playground, as well as a variety of restaurants and cafeterias.
Creation of 600 jobs
Sonae Sierra and Bluehouse Capital will invest €9 million for the renovation and renewal of the existing facilities. The new Fashion City Outlet will comprise of 20,000 sq m and provide free parking for 1,600 cars. It is located in a prime commercial spot on the southeastern outskirts of Larissa and less than one hour from Volos, Karditsa, and Trikala, with a catchment area of 900,000 residents.
Fashion City Outlet’s operation will contribute to the local economy’s growth and its beneficial effects will have a positive impact on the wider local community. It will create at least 600 new jobs, which will be given primarily to local residents. It is expected to commercially boost local market traffic, as it will attract consumers and visitors from the entire region. At the same time, the aim is to create mutually beneficial partnerships with Greek companies who wish to operate in the area, as well as with local clothing, footwear, and food businesses.
Nikos Roupakas, Asset Manager of Bluehouse Capital, commented: “Fashion City Outlet is a new scheme that combines shopping at affordable prices with multiple entertainment choices, thus offering an integrated experience. It has the potential to become a top shopping and leisure destination for the residents of Larissa and Thessaly.”
Thanos Efthimiopoulos, Managing Director of Sonae Sierra in Greece, added: “We are confident that the development and operation of Fashion City Outlet will benefit both the local market and community as well as tourism. We aim to cooperate closely with the region’s businesses, associations, and authorities in order to maximize benefits for the local economy.”