Adidas: What did it cost and what does the return to Ermou bring for the Greek sports market?

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By Giorgos Lampiris

To take advantage of the vacuum that has essentially been created in the last period of time in the market, especially after the change of the baton to the other big player in sports goods, Nike and the transition from the Folli Follie era to the Antonio Percassi group, Adidas seeks, which as of yesterday it officially opened the door to its new store at 44 Ermou Street.

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The property, which belongs to the listed Kloukinas-Lappas group, with an appraised value of 12 million euros, while approximately 10% of the appraised value, i.e. around 1.2 million euros, was needed for its complete renovation and upgrade, developing into a new generation store on the main shopping street of the country. The total area of ​​the property is 884 square meters -basement, ground floor, mezzanine, first floor- and is a purely investment property held in its portfolio by the Kloukina-Lappa group, which previously housed a Mothercare store, a brand managed by the group in question. We remind you that Kloukinas-Lappas also maintains another investment property in Ermou, where the Zara store is housed, with a total area of ​​1,438 sq.m.

Sale of the pure sports series of Adidas

The new Adidas store focuses exclusively on the availability of pure sports products, with the exception of designer Stella McCartney’s collection of sports fashion products, which are also available in the space. We will remind you that another Adidas store is located in close proximity to the Ermou store, on the perpendicular of the main street, Kalamiotou Street, which has sports fashion collections and not sports products. In total, Adidas currently has 13 points of sale in Greece, while its turnover in the last published fiscal year of 2020 was 116.48 million euros, compared to 142.18 million euros in 2019, affected by the pandemic.

A new outlet store in Attica is also in the works

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According to information, at the moment the operation of a discount store is planned according to the standards of Nea Smyrni, Agia Paraskevi and Thessaloniki. According to information, the discount store will be located in the wider core of the center of Athens and currently the negotiation of the company is underway, which will lead to the final decisions regarding which building will house the point of sale in question.

Regarding the new Adidas store in Ermou, it is currently the largest of the company’s existing points of sale in Greece. The return of the German brand and, in fact, Adidas Hellas on Ermou Street, is taking place once again after the closure of the previous store it maintained there, at number “50”.

It is noted that the lease of the property from Kloukinas-Lappas to Adidas began to run from April 2021. However, the completion of its reconstruction was delayed, according to information, by about four months, due to issues with the tightness of its underground spaces. building, which required drastic interventions in order to be currently fully functional. It is noted that this is a property whose construction dates back to the 1950s.

A step up from Nike

This move comes to further strengthen Adidas’ position in the Greek market, at a time when Nike is in a transitional period in terms of its operation in Greece, after the takeover of the brand by the Italian Percassi group. In fact, Nike’s strategy has recently focused on maintaining exclusively corporate stores, having proceeded to shut down the stores maintained by its franchisees in our country. It is noted that the last of its stores to cease operations was the one in Thessaloniki in 2021, while stores in Kallithea, Chalandri and Larissa were previously closed, which were managed in the past by the Folli Follie group and were converted into stores under the “Collective” label created by Folli Follie. Currently, Nike in Greece maintains six stores, out of the fifteen it had in its network when the Percassi group took over, with the most central of them also located in Ermou, against Syntagma Square.

In any case, the competition in the field of sports goods on Ermou Street is strong, where the Fourlis group (Intersport, The Athlete’s Food), the international brand Foot Locker, Nike and now Adidas after its return have stores.

In Greece, Adidas, in addition to the network of stores it maintains, supplies large sporting goods companies such as Intersport and Cosmos Sport with its products, while maintaining the distribution and logistics of its products in our country.

Source: Capital

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