Attica Department Stores: The relocation of Piraeus paves the way for new expansions

Of George Lampiris

It offers a perspective for further development of the available spaces for the Attica department store on Panepistimiou Street and the company Attika Department Stores SA. the imminent relocation of the headquarters of Piraeus Bank to the premises of Elliniko.

We remind you that the Bank has signed an agreement for the relocation of the central administration offices to the new Business Center to be created on Vouliagmeni Avenue, with the time horizon set for 2025.

According to sources close to Attika Department Stores SA This development will most likely bring new floor extensions similar to those already implemented during 2021, when an additional 4,000 sq.m. were added. on the 3rd and 4th floor of the department store in Syntagma.

We will remind you that the specific floors were also developed in facilities that were previously utilized by Piraeus Bank, whose offices currently border those of the largest department store in the Greek retail market.

At the levels of 2019 in 2021 if one compares corresponding operating days

Regarding the course of Attica Department Stores, in 2021 the physical points of sale it maintains, lost 22% of their operating days compared to the comparable year 2019, according to the same sources.

However, if one compares the same number of operating days between the years 2019 and 2021 (ie subtracting 22% of the days of 2019), the group was last year at exactly the same levels of sales as in 2019.

Overall, however, in 2021, due to the days when the physical stores did not operate, Attica Department Stores moved downwards compared to 2019.

The loss of a significant part of tax free sales from non-EU customers also had an impact on the size of the business last year.

It is clarified that tax free sales reflect about 15% of the total turnover of the group, which in turn contributed to the overall picture of 2021.

Attika Department Stores SA In addition to Attica on Panepistimiou Street, it has a presence in the Golden Hall shopping center of Maroussi, in the Mediterannean Cosmos of Thessaloniki and in The Athens Mall.

It also has an Attica department store on Tsimiski Street in Thessaloniki. The Attica Department Store portfolio also includes several monobrand stores in The Mall Athens and Golden Hall.

The course of January 2022 and the expectations for February

As for January, as well as for the entire retail market, it was not a favorable month for Attica Department Stores SA. according to the same sources, as a double-digit drop in sales was recorded.

The main reasons that influenced the course of the company was the vertical increase in the number of cases of Covid-19 disease. Another factor that negatively affected the course of sales was the bad weather and snowfall that occurred during the last week of the first month of the year.

However, the picture was the opposite during the first days of February 2022, a fact that leaves room for optimism, both for the resumption of the market and for the resumption of sales of Attica Department Stores.

No increases at the moment – The first price increases since March

At the moment, the retail company has not made any price increases on its products, as orders to its suppliers are placed from six to twelve months in advance. Any increases will most likely be reflected from March onwards.

Regarding the maintenance of stocks, Attica Department Stores maintains only a small stock, as the vast majority of the products it distributes are based on their purchase in the form of a deposit.

In addition, so far no shortcomings have been observed, which is mainly due to the fact that when the company buys from European markets, it is included in a list of preferred companies and is a privileged customer, which gives it priority to receive new products, as it can achieve high sales.

The plan for Elliniko

The company is going to proceed with the commitment of commercial spaces in Elliniko, which will amount to a total of up to 10,000 sq.m. in various investment developments such as Vouliagmenis Mall, Marina Galleria as well as monobrand stores.

Attica Department Stores’ goal is not to sell the entire mix of products we know to date from the rest of its stores.

This means that it will select specific product categories, in order to avoid coincidence of codes and brands with stores that will also exist as monobrands in the commercial spaces of Elliniko.

At the same time, however, it will present new brands, enriching its portfolio. Among the developments that will be created in Elliniko will be an Attica department store, which will occupy the largest area of ​​about 10,000 square meters that the company will utilize.