Fashion brand Zara has agreed to lease a building east of Athens, close to the capital's airport, in what will be its biggest store in Greece, said property developer REDS.
REDS, that company that owns the building leased to Zara, said that the store covers more than 3,000 square metres of space and is located at the Smart Park in Spata.
REDS is a member of the Ellaktor group of construction companies.
Ermou street moves up a notch
The new Zara store may be located close to the Athens international airport, but the capital's main shopping stretch is located in Ermou street, opposite parliament building.
Here, top fashion brands can be found on a pedestrianised street that is easy to get to via the Athens Metro, buses and trams.
Retail space on Ermou street ranks among the most expensive in the world, according to Cushman & Wakefield.
Based on its Main Streets report for 2022, Ermou street is the 14th most expensive retail district in the world, climbing one place from the previous year.
Based on the report, each square meter of retail space located on the busy central road costs 3,200 euros to rent per year, up 6% from levels seen in 2021.
Topping the global list is Upper Fifth Avenue in New York, followed by Tsim Sha Tsui in Hong Kong.
"The recovery has been dampened in 2022 as economic headwinds from the Russia-Ukraine war have negatively impacted rents in some markets," the report pointed out.
"Notwithstanding, a positive trend is that a quarter of markets (13 out of 52), including precincts in Rome, Oslo, Vienna and Milan, have sufficiently recovered rent levels on par or above pre-pandemic levels. But the recovery is inconsistent with London, Paris and Munich all below pre-COVID rental levels," it added.