Retailer Fourlis reckons bricks-and-mortar has promising future
Fourlis Holdings, one of Greece’s biggest retailers, plans to double investments in retail properties in coming years to 400 million euros from some 200 million euros currently.
Fourlis is expanding its brick-and-mortar business in a bid to support growth plans, reflecting the view held by many that concerns over the demise of physical stores are over-exaggerated.
Via its subsidiary Trade Estates, the company owns seven properties, consisting mainly of big box retail outlets and logistics centers with a total gross asset value of 185 million euros.
The company plans to add to its portfolio by acquiring properties accommodating one of its stores or by investing in assets that will potentially be added to its retail network.
Its plans in real estate don't stop there. The company has applied to the Athens Stock Exchange to publicly list Trade Estate’s shares in a move seen taking place later this year or in the first half of 2022.
Fourlis is the franchise owners of IKEA stores in Greece, Cyprus and Bulgaria. It also has sporting apparel stores in these three countries plus Turkey and Romania.