Why Lamda Development promotes two mega Malls in Greek

Significant margins appear to have (Shopping Malls) in Greece. According to a presentation by Lamda Development, which already manages large Malls (The Mall Athens, Golden Hall, Mediterranean Cosmos, Designer Outlet Athens), it promotes two large investments in Greek (Vouliagmenis Mall, Riviera Galleria) in this sector of malls, in Greece a ratio of 56 sq.m. per thousand inhabitants is recorded, at a distance from other markets. According to the data from Lamda Development, in Serbia, there is a ratio of 88 sq.m. in shopping centers per thousand inhabitants, in also Balkan countries Bulgaria and Romania of 103 – 107 sq.m. per thousand inhabitants. In countries such as Germany we find a ratio of 177 sq mi of Malls sites per thousand inhabitants, Italy 229 sq mi / 1,000 inhabitants and Spain 248 sq mi / 1,000 inhabitants. In the Nordic countries, the same proportion is 229 sq mi / 1,000 inhabitants in Sweden, 464 sq mi / 1,000 inhabitants in Finland and 857 sq mi per thousand inhabitants in Norway. Numbers showing that Lamda Development is “seeing” huge growth margins. This is why in Greek it promotes two new infrastructure, Vouliagnenis Mall in the northern part of the area (L. Vouliagmenis, towards Metro), and Riviera Galleria on the front of St. Cosmas. These are two commercial centres of estimated total cost of around EUR 700 million, with an integration horizon of 2027 and 2026 respectively. In fact, within 2024 the main tasks are expected to begin. To this end, Lamda Development is already working with the ABax Group on the final plan, the cost and model of the development of Vouliagnenis Mall, which is the largest in budget, over EUR 500 million. ABax acts as a “development consultant”, expecting to get the construction contract as well. Otherwise, this can be claimed by TERNA (GERNA), AKTOR (Intrakat Group) with foreign partners. As regards Riviera Galleria, the contract is claimed by TERNA, METKA and Intrakat-AKTOR. On this front there is information that METKA (Mytilene Group) is close to being selected by Lamda as a contractor manufacturer of the coastal Mall. For the record, Vouliagmenis Mall (50% larger than The Mall Athens), will have spaces of about 90,000 sq.m. (if growth is done as originally planned because the costs have risen), while hosting about 280 stores, as well as office spaces. The luxurious Riviera Galleria will have a useful surface of nearly 19,000 sq.m. and about 100 shopping shops and catering/fun areas.